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Mortgage rates on the rise after reaching record lows

Posted on Tuesday, January 3, 2012 at 5:02:33 PM

United States mortgage rates for 30-year fixed loans have increased slightly from the lowest on record. The increase was reported by, Freddie Mac and the Commerce Department.

A home mortgage comparison may be in order for homeowners who are determining if refinancing is an appropriate action.

The average 30-year fixed rate mortgage averaged 3.95 percent and rose to 3.91. A 15-year fixed mortgage saw a similar increase, going from 3.21 percent to 3.24 percent, according to Freddie Mac.

"We try to use the numbers to show how a slight change in rate often doesn't impact a monthly payment or overall interest paid that drastically - and remind homeowners that if there is another large drop in pricing somewhere down the line another refinance might be an option to take advantage of it," Kelly Decker, a Texas mortgage banker told Burlington Mortgage.

These changes in mortgage rates could reflect a potential economic rebound as consumer confidence grows and unemployment decreases. Residential financing may be more attainable for those looking to remodel, buy or build a new home.ADNFCR-16001052-ID-800676046-ADNFCR