Say goodbye to ultra-low mortgage rates

Say goodbye to ultra-low mortgage rates
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Thursday, June 6, 2013 - 8:09am

Say goodbye to ultra-low mortgage rates. In the past month, rates have been on the rise and they are expected to continue to climb.

Last week, the average rate on a 30-year fixed-rate mortgage climbed to 3-point-81 percent. That's up from 3-point-3 percent in early May, according to mortgage giant Freddie Mac.

Those seeking a 15-year loan received an average rate of 2-point-98 percent. That is up from 2-point-56 percent a month earlier which is a record low.

Analysts predict the Fed will eventually stop bolstering the housing market. Private investors would then have to pick up the slack, meaning higher rates for borrowers.

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