The 30-year fixed mortgage rate rose to 3.98% last week, up from 3.88% from the previous week. The 15-year fixed mortgage rate increased to 3.24% from 3.17%. The Federal Reserve said last week that it plans to keep rates low until 2014.
The mortgage interest rates we see now are historical lows and present an incredible opportunity for anyone who needs financing to purchase a home. Owning at home at these interest rates means your mortgage will likely be much lower than your rent would be for the same home.
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