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The housing market continues to struggle and many Americans are closely observing the current fixed mortgage interest rate market. News recently spread that interest rates would be on the incline and thus long term mortgage interest rates would be trending higher. Current data based on an average survey of rates reveals that the current 30 and 15 year long term interest rates are moving in an upward trajectory. The rates move up as the credit market tightens set off by rising inflation. Economist argue that continued inflation potentials could be positioned to push rates higher, but hopefully in the long term and not the short. Currently, according to a national survey conducted by Bankrate, the benchmark 30 year fixed rate mortgage rose 7 basis points to 5.08 percent. Just one month prior to this reading, the benchmark 30 year fixed rate was at 5.04 percent. Also, according to the same national survey of major lenders, the benchmark 15 year fixed rate mortgage rose 2 basis points to 4.27 percent. These increased readings create a trend that has been on the rise over the past several weeks. Investors will be watching the Federal Reserve and key interest rates closely. Gas and food prices continue to rise and key interest rates will be molded based on overall inflation values. Further changes by the Feds to the its key interest rates will impact mortgage interest rates immediately. The housing sector continues to push forward, and so do the interest rates. Author: Stephen Johnson
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