Mortgage Rates Starting to Creep Up

With the conclusion of the Fed’s $1.25 trillion MBS program last month, mortgage rates have quietly started to rise. Rates for 30-year fixed mortgages rose to 5.21% last week, the highest rate in nearly eight months. While rates are still low by historical levels, the quick rebound off the December lows (when rates bottomed at 4.71%), could derail the slowly improving housing market, particularly with the planned expiration of the new homebuyer tax credit on April 30th.