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Market Updates

Market News Update: Higher Rates Mean Bad News for Sluggish Buyers, But Relative Stability Is Good News for “The New Normal”

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calvinFrom Jason Payne, Market News Analyst…

Did you make a new year’s resolution to get a new mortgage in 2014?

If so, then I’ve got some bad news for you: It’s probably going to be more expensive for you this year than it would have been last year…

…and it’s probably time for you to start getting a little more creative with your resolutions!

(I say this out of love, because somebody had to tell you!)

-smile-

In any case, U.S. mortgage rates have now increased to their highest levels since September, thereby increasing borrowing costs for most homebuyers as prices continue to climb across the country.

As of this morning, the average rate for a 30-year fixed rate mortgage stands at 4.53%, which is 119 basis points higher than last January’s average rate of 3.34%, according to mortgage finance behemoth Freddie Mac.

Similarly, the average 15-year rate stands at 3.55%, up from 2.64% a year ago.

Practically speaking, this means a consumer with a $200,000…


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