They’re back! 5% mortgages.

For the first time since May of last year, the national average for mortgage rates has risen above 5%. As the economy continues to improve, it is likely that rates will continue to rise. Those who have been waiting on the sidelines to purchase in the hopes of a better deal if they wait should keep an eye on these developments in the mortgage market. Another factor to be aware of is the fact that the Obama administration is mulling over major changes in the way the mortgage industry will operate in the future, including the elimination of Fannie Mae and Freddie Mac. To read more from this CNN Money article, click here.

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