Say goodbye to ultra-low mortgage rates
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.