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Mortgage Rate Hits High

Posted on August 29, 2013

The 30-year fixed mortgage rate is at its highest mark since 2011, making the jump from 4.4% to 4.58% in the past week, according to Freddie Mac. The increase is attributed to the housing market continuing its upward trend, as well as the continuation of the Federal Reserve bond-buying program, which many investors wonder when the government will stop.

While the increase could mark good news for the overall economic state of the nation, it also poses a concern for investors, as many homebuyers are becoming increasingly leery of rising rates. In fact, according to Trulia, 41% of consumers cite the rising rates as their prime concern when considering a home purchase.

While mortgage interest rates are rising, and rising quickly, most experts agree that it is still far to early to declare another market bubble. Rates are, even at 5%, still historically low. If rising mortgage rates are of a concern for you, call Brad Shoults Real Estate today to see how this could affect your home purchase, sale or investment.

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