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First, they were up, then they were down, and now they're headed back up again. No,
we're not talking about this season's hemlines. We're talking about mortgage rates. And unless
you've been hiding under a rock for the past couple of weeks or you have absolutely zero
interest in financial news, you've undoubtedly heard about how mortgage rates have been spiking
upward. Today's news is no different.
Given that the recent historic low interest rates were being propped up by a federal government
program, an adjustment in those rates -- that is, getting them back to normal levels -- was
inevitable. And chances are pretty good that rates are going to go up even more before
they finally find their magic "sticking point." The main thing to remember is to stay calm
and shop smart: there are more mortgage options than ever before, and that means you still
have time to get a mortgage that saves you lots of money.
So while the increase in rates isn't exactly good news -- especially if you're considering
buying a home or refinancing a mortgage in the near future -- it shouldn't cause you
to freak out, either. And, if you're one of those people who believes that misery loves
company, you can read more about some other financial ups and downs that have sent the
world's investors into tailspins by clicking the link below.