Mortgage rates are starting to increase, showing signs of a strengthening housing market and a growing economy. Mortgage rates have jumped three-tenths of a point over the last week, increasing the payment amount on a $220,000 30-year fixed mortgages by approximately $38 a month. Fed Chairman Ben Bernanke said, “if interest rates go up for the right reasons, that’s a good thing… that’s not a bad thing.” Additionally, higher rates will encourage banks to lend more money to homebuyers. More here
