While many buyers stayed on the sidelines this year waiting for home prices to fall further, mortgage interest rates have risen from well below 6 percent earlier this year to 6.32 percent last week for 30-year, fixed rate loans, USA Today reported June 12, 2008
The data comes from Freddie Mac. It was the highest rate for 30-year, fixed-rate mortgage loans since they averaged 6.33 percent for the week of October 25, 2007.
Smart buyers will get pre approved immediately and be ready to move on a the right property for the rest of the year.
Read The USAToday Article
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