Strong job numbers were reported this morning with unemployment going down to 7.0%. The Federal Reserve will soon start tapering … free money will start to decline and interest rates will increase. The Mortgage Bankers Association (MBA) is predicting a 50+% drop in refinances in 2014.

Mortgage Rates See Sharp Increases

Fixed mortgage rates increased sharply this week while reports on adjustable-rate mortgages were mixed. Freddie Mac puts the average 30-year fixed-rate mortgage at 4.46 percent for the week ending December 5, up from 4.29 percent last week. Bankrate’s weekly national survey showed a rise of 11 basis points for the 30-year fixed-rate mortgage to 4.55 percent. Economists pinned the increases on encouraging growth in new home sales and private jobs. » Read More