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Clark Howard: Mortgage rates

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Updated: 7/03/2013 7:17 pm

JACKSONVILLE, Fla. -- Mortgage rates are on the rise after announcements that the federal government would scale back on stimulus money.

It seems day after day that there's another news report on the run up on interest rates on 30 year mortgages. Thirty year mortgages are now almost a point higher in interest than they were several weeks ago.

That's because of crazy stuff that's been going on when the federal reserve announced they might stop doing things to hold down interest rates. Immediately the interest rates on 30 year mortgages went up. So right now we have the widest gap that I can recall between 30 year mortgages and 15 year loans, which is almost a full interest rate point.

Then you step into something that people are doing in bigger and bigger numbers. These are 10 year mortgages for refis. Ten year mortgages often done by small local banks and credit unions are still carrying rates. These are fixed for 10 years at two point something percent in most cases for people with good credit.

For example, less than 3%. That's a steal of a deal. Don't let it slip away from you. Shop, shop, shop!

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Watch Clark Howard weekday mornings on Action News This Morning on FOX30 beginning at 7 a.m.

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