Mortgage rates, while still at historic lows, have risen rapidly over the past several weeks, according to Freddie Mac.
Since the beginning of November, the rates have increased by about half a percentage point, bringing them to a 16-month high. Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors all predict that the trend will continue, and that interest rates will climb still higher in the months ahead.
As of Nov. 29, according to Bankrate, the average 30-year fixed mortgage rate was 3.98 percent, up 3 basis points over the previous week. The average 15-year fixed mortgage rate was 3.14 percent, up 4 basis points over the previous week
While the rates may be up, they're still considerably lower than they've been in recent decades. By comparison, the average rate was 6.20 percent in the previous decade, 8.12 percent in the 1990s, 12.7 percent in the 1980s and 8.86 percent in the 1970s.
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