Are mortgage rates going up

The Fed chairman spoke yesterday and intimated that they would be raising rates sooner than thought. Leading up to that rates were creeping up and after she spoke there was a rate increase before days end. Rates held steady today but are up a bit compared to the previous few weeks. No one knows exactly what rates will do as there are many factors that affect them, my opinion is they will continue to go up.

Even the experts don't know for sure. Best advice is to lock now. Rates are at historic lows, which can not last forever.

Who are you using to do your loan. Whoever it is they should be guiding you through the process. I have a company that I pay to keep me informed of what rates are doing up or down every hour. If there is a swing for rates to go up I'm notified by text & it allows me about a 30 minute window to contact any of my borrowers that have not locked & let them know what's going on in the market. If I cannot reach them, then I usually have a verbal in place of when to lock.

Most likely rates are going up but there will no doubt be some dips along the way. Lock in if you are closing in the next 30 days. PrimeLending offers a free, one-time floatdown of your rate if they are better once you are within 20 days of closing and funding of your mortgage.

If you are buying a home, you should lock as soon as the lender will allow... If you are refinancing and attempting to find the bottom of the market... that is an almost impossible task. Do you like where rates are today? Then lock and never look back. www.TwinCityHomeLoans.com

While no one can predict exactly what will happen to interest rates, it is likely that they will continue to rise this year. The Fed made the announcement this week that they will continue to taper their bond buying program to $55 billion per month.