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Monday, November 8, 2010

30-Year Mortgage Rates Inch Up 3rd Straight Week

Freddie Mac confirms that average interest for 30-year fixed mortgages rose for the third consecutive week, bumping up to 4.24 percent from 4.23 percent a week ago.

The average 15-year rate for the week ended Nov. 4 was 3.63 percent, a drop from 3.66 percent.

Source: St. Louis Post-Dispatch (11/05/10)

With rates still near record lows, and homes prices near 10 year lows, now is the time to buy. Rates basically have nowhere to go but up from here, and new government regulations taking affect in the spring of 2011 will further add to fees required to purchase.

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