Rates are going up!
Freddie Mac just announced their weekly interest rates and for the first time in a few weeks there has been a rise in the rates.
The 30-year fixed rate jumped from 3.49% last week to 3.55% this week. In the West the rate is now 3.50%.
The 15-year rate rose from 2.75% last week to 2.83% this week, with the West rated at 2.78%.
Conventional wisdom tells us that this is an indication of an improving market, and most economic indicators do point to that conclusion. People need to realize that this improvement is a very slow process. The market, though improving, still has a long way to go.
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Picture courtesy FutUndBeidl on Flickr.
