Mortgage Rates Just Keep Rising

Fixed rate mortgages (FRM) continue to rise, even if it is ever so slightly week to week. Though rates are very gradually increasing, these increases are setting records. The 30 year FRM is at four year high last May, and the 15 year FRM is also at a four year high.

What is the effect of high FRM? More people will take the equity out of their homes, often for the purpose of paying off previous debt, even though the interest rates are rising.  ■