According to CNNMoney, mortgage rates are starting to tick higher after a short-lived dip. After falling from a two-year high of 4.58% in August, the 30-year, fixed-rate mortgage edged closer to that record rate this past week. CNNMoney explains:
Rates on 30-year, fixed-rate mortgages reached an average of 4.57% this week -- up from 4.51% last week, according to mortgage giant Freddie Mac. And 15-year fixed rates were an average of 3.59%, up from 3.54%.
Looking forward, rates will likely be influenced by Friday's job report, said Keith Gumbinger of HSH.com, a mortgage information provider. And if the economy continues to show signs of improvement, they could climb closer to 5% this fall, he said.Sponsor Content