Mortgage rates on the rise ... again
Our weekly check-in with Bankrate.com shows that for the week ending February 8th, "The benchmark 30-year fixed-rate mortgage rose 4 basis points to 6.32 percent...One year ago, the mortgage index was 5.59 percent; four weeks ago, it was 6.22 percent. And on June 30, 2004, it was 6.3 percent."
The online article also states cash-out refinances are popular right now, being used to consolidate loans and put money in the pocket of the borrower. "Some analysts believe that the Fed is leaning toward another hike at the end of March, an action that would boost rates on credit lines even more. That would give homeowners more reason to do cash-out refinances and pay off their credit lines."
To read more: February 8 mortgage rates