Mortgage rates continued to trend higher this week, according to Freddie Mac, which reported this week that the average rate on a 30-year fixed-rate loan was 5.03%, up from 5% a week earlier and from an all-time low of 4.87% in the week ending Oct 8th.

Rates on shorter-term fixed-rate mortgages and adjustable-rate loans also rose. For 15-year fixed-rate loans, often used by borrowers seeking to pay off their mortgages faster, the rate this week averaged 4.46% with 0.6% of the balance paid in lender fees and points, up from 4.43% with similar upfront costs last week. For the full year, 30-year fixed rates have averaged just below 5% thanks to intervention by the government, triggering a refinancing boom. Seven of every 10 mortgages this year have been refinancings.

This means that you still have a great opportunity to refinance your current home or even look for depressed properties which could present a great opportunity to buy something that will definitely be worth a lot more in a few years.

As always, I am available to help you look for a new home or to refinance your current home. To check out my listings, click here or you can Contact me.