Mortgage rates are rising. After years of low interest rates the government has raised base interest rates which in turn raises mortgage rates. These rates are believed to continue to rise. In order to lock in rates before they could go higher one needs to get a new mortgage. This could save a person a significant amount of money as locking in low mortgage rates right now guarantees one will not be paying the higher rates of the future.
Read more: Two-year mortgage rate at 21-month high
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