Mortgage Rates Inch Up Again, It's Time to Buy

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), which found that both fixed- and short-term mortgage rates continued to rise this week. This was the fifth week in a row where fixed-rate mortgage rates were up.

30-year fixed-rate mortgage (FRM) averaged 4.83 percent with an average 0.7 point for the week ending December 16, 2010, up from last week when it averaged 4.61 percent. Last year at this time, the 30-year FRM averaged 4.94 percent.

What does this mean to you, the buyer? It means rates are still low but inching up. Rates are still lower than last year. So, perhaps you should get while the gettin's good? It may be time to buy before rates go up much higher.