Interest Rates Continue to Rise

Interest rates continue to rise on mortgages. Rates are likely to increase over the coming months.

Concerns about inflation pushed the 30-year fixed mortgage rate to 6.71 percent this week from 6.63 percent last week, to what Freddie Mac says is the highest level seen since May 2002.

The 15-year fixed mortgage rate rose as well, climbing to 6.36 percent from 6.25 percent over the same time span. The one-year adjustable mortgage rate edged up to 5.75 percent from 5.66 percent; and the five-year hybrid ARM surged to 6.32 percent from 6.23 percent.

I do not expect interest rates on 30 year fixed rates to go above 7.25% this year.