For the first time in four weeks, the 30 year fixed mortgage rate rose based on improving signs in the housing market. The rate is now 3.95% rather than the record low 3.87% last week, the 15 year rate has also increased slightly to 3.19% from 3.16%. The signs that the housing market was improving was the decline in the percentage of delinquent borrowers and a stronger pace of existing home sales, even though these signs are good news, economists suggest a “cautious optimism” is needed to analyze these statistics. Due to the fact that most homes are bought on credit not cash, higher interest rates makes taking out a mortgage more expensive.
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