Current Mortgage Rates Inching Toward 5%

As current mortgage rates inch higher toward 5% after three weeks at sub-5%, Freddie Mac is reporting that 5% on 30-year fixed-rate mortgages has become the benchmark this past week. National lenders have been committing on 30-year fixed-rate mortgages at 5% more than any other rate.

As the $8,000 first-time homebuyer tax credit is set to expire on November 30, the clock is ticking as rates begin to climb. Current mortgage rates are still extraordinarily low, so those wishing to purchase their first home need to act fast. Contacting a reputable mortgage lender who will work diligently on your behalf can ensure you close in time to benefit from the $8,000 tax credit.

-Robert Hyder