As predicted, the exit of the Fed from the mortgage backed securities market has resulted in higher mortgage interest rates. In the last week or so rates on 30 year fixed mortgages have increased about a quarter of a point (from around 5% to around 5.25% for premiere borrowers). Still, rates in the mid to low 5’s are extremely low historically and rates will inevitably be rising much further at some point in the future so if you have an adjustable rate mortgage it might be wise to consider refinancing to a fixed rate mortgage now while you can still get a 30 year fixed loan in the mid to low 5’s.
Further, if you need a loan modification or if you have substantial credit card or medical bills or other unsecured debts contact us in the sidebar for advice on how to ease some of those burdens.