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    December 28, 2007
    Mortgage Rates Head Up

    Mortgage interest rates are moving up right now. 30-year mortgage rates are on the rise as long-term Treasury notes gain due to economic issues. Reuters reports on rising 30-year mortgage rates:

    U.S. 30-year mortgage rates rose to an average of 6.17 percent from 6.14 percent last week, as fifteen-year mortgages remained unchanged at an average of 5.79 percent.

    The dramatic difference in mortgage rates for the 30-year mortgage and the 15-year mortgage is one of the reasons I recommend a 15-year mortgage if you can swing the higher monthly payments. You actually save a lot of money (tens of thousands of dollars) in the long run.

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