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Friday, February 19, 2010

Mortgage rates at 2010 low -- but not for long

If you've been shopping for a home, now may be the time to buy. Mortgage rates are expected to rise sharply within the next few weeks.
Mortgage rates are close to a record low and probably won't stay there much longer. Experts say it's time to get a loan now, or you'll end up with a higher rate later.

For those who are willing and able to refinance, it is time to act. Homebuyers tend to be more influenced by home prices than by mortgage rates, but they should keep in mind that mortgage rates could be a full percentage point higher a year from now.


Mortgage rates are expected to rise because the Federal Reserve plans to stop buying mortgage-backed securities by the end of March. For the past year, the Fed has been buying more than four-fifths of newly issued mortgage bonds. When the central bank stops buying them, private investors will have to step in. 
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