According to the Mortgage Bankers Association, mortgage interest rates have increased to the highest levels seen in the past year and are expected to continue to increase as the economy grows. Although mortgage rates still remain low, 30-year fixed rate mortgages for loans falling under $417,500 jumped 3.59%, averaging 3.9% last week. The chief economist for Quicken Loans, Bob Walters said, “mortgage rates have jumped more in the past week than they have in years.” Walters also said that many loan shoppers are adapting to rising rates by switching to 10-year-loans. More here
