5 things to know about rising rates

Posted by Bonnie Martin Designated Broker on Wednesday, July 24th, 2013 at 8:28am.


money.cnn.com - After years of decline to rock-bottom levels, interest rates are on the rise. The average rate for a 30-year mortgage was recently 4.35%, more than a point above the 2012 low of 3.3%.

Whether you're buying, selling or refinancing a home, here's how to navigate the new environment. 1. No more record rates, but still cheap loans  2. The refi window is starting to close  3. Higher rates won't scuttle the housing recovery  4. Once you're ready to buy, lock in  5. Fixed loans usually beat adjustables

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