In the past month, rates have been on the rise and they are expected to continue to climb.
This week, the average rate on a 30-year fixed-rate mortgage jumped another 10 percentage points to 3.91% and are up from 3.3% in early May, according to mortgage giant Freddie Mac. Meanwhile, those seeking a 15-year loan received an average rate of 3.03%, up from 2.56% -- a record low.
"It's unlikely that rates will ever be that low again," said Doug Duncan, Fannie Mae's chief economist.
Those who didn't take advantage of record-low rates have missed the boat -- at least for now. Here are three reasons why.Â Read more cnn.news.com....
Find a mortgage broker that can review your financial status and give you a pre approval letter for the amount that you can afford.Â Just remenber that what a bank may be willing to lend may be more than you should spend.