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Mortgage Rates on the Rise

According to a recent article at Bankrate.com many economists agree that its a great time to buy a home. Although the economy has been slow to recover, now wall street is singing a different tune. Everyone has heard about the Feds recent attempt at controlling interest rates. At their last announcement they  began buying $45 million worth of bonds (monthly) to artificially keep mortgage rates down. In the past this has been successful at controlling rates.  This time mortgage rates have climbed slightly everday since the announcement. Economists seem to agree that  consumer confidence and the rising stock market indexes got in the way of the Feds plan. Fiscal cliff or not, the latest signs show that the Feds will not be able to keep these mortgage rates for long.

Read full story here bankrate.com/finance/mortgages

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