The national average mortgage rates have increased to a 3 month high.
The 30 year fixed rate average has not been above 4.40% since August 19th, and the 15 year hasn’t seen this high of rates since mid September.
Here is a look at where the rates are as of this past Friday.
|November 24, 2010||30-Yr FRM||15-Yr FRM||5/1-Yr ARM||1-Yr ARM|
|Average Rates||4.40 %||3.77 %||3.45 %||3.23 %|
|Fees & Points||0.8||0.7||0.6||0.6|
Last week the 30 Year Rate was at 4.39% but the week before that it was at its lowest point ever, 4.17%.
Should you lock in that rate?
Rates are bound to eventually go up. With the holidays in full swing and the new year on the horizon it is uncertain if rates will continue to remain so low.
These rates are so incredibly low it would be foolish not to get a loan locked into a fixed rate if you can, whether for a refinance or a purchase.
There are some great options for people out there too. There are loans for people with poor credit, and refinance options for people that are upside down in their mortgage.
Need to calculate your mortgage? Try our Mortgage Calculator.