Mortgage rates have been slowly increasing, recently rising for the second week in a row.

The Los Angeles Times reports:

” The average rate for a 30-year fixed mortgage was 4.86% this week, up from 4.84% last week, mortgage company Freddie Mac said.

A 15-year fixed-rate mortgage averaged 4.52%, up just slightly from 4.51% last week.”

Average rates are still extremely low. However, they may not stay that way for long. Borrowers who can qualify to refinance have been applying. But, unfortunately, stricter lending policies have led banks to turn many away.

See Also:

FHA Mortgage Guide

Tags | interest rates, mortgage rates