Mortgage rates are moving slightly higher today. The 30 year fixed mortgage rate went up to 4.86%, ticking slightly higher than the record rates seen recently. However, the rate is still much lower than the 6.01% that was the norm a year ago. Indeed, that was the rate that I got on my home mortgage loan in August 2007.
Even with mortgage rates slightly up, it is still a good time to buy or refinance. I am considering a refinance, since the rates are so low. Rate this low are not likely to come around again anytime soon, and if you are in a position to buy or refinance, it makes sense to do so. Just realize that in the present climate, you will need to have reasonably good credit, as well as a down payment.
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