By Kitty J. Lin, Attorney at Law

Consumers that have purchased or refinanced their homes at the historically low mortgage rates will be glad to know that they were able to take advantage of those mortgage rates before they disappeared.  That is what is currently happening.  Mortgage rates are now slowly increasing again.  As of week ending February 11, 2011, the national average 30 year fixed mortgages are now 5.05%.  Interest rates have not been this low since May 2010.

Mortgage rates are tied to Treasury yields, particularly the 10 year Treasury yield.  The Treasury yield has been slowly increasing, so it’s no surprise that the mortgage rates are increasing as well.  Higher mortgage rates tend to affect people trying to refinance rather than people trying to buy a home because people looking to purchase a home are more concerned with other factors, such as the price of the home itself.  Currently, home prices are still low enough that buyers will overlook the slightly higher interest rate.

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