Home Buying Tips : Home Selling TipsThis is a site designed to help make the process of buying a home, as well as selling a home, as easy to understand as possible.Main menuSkip to primary contentSkip to secondary contentHomeAbout UsDisclaimerPrivacy PolicyInternet MarketingWeb Hosting ReviewsDietingLaptop ComputersDigital CameraFree Online DatingPYMBUNCIAVehicle FinancingLaptop Computer688Search Engine OptimizationTop Web HostingOutdoorsRVsCamcordersSanjicn991Seo Services New YorkJGECrystalizingSEMAir ConditioningBecome An App DeveloperBuccaneersInsurance InformationTampa SportsKNTMake Money OnlinePost navigation← Older postsWhat To Know About Rising Interest RatesPosted on July 29, 2013  by  AdminReplyAfter years of decline to rock-bottom levels, interest rates are on the rise. The average rate for a 30-year mortgage was recently 4.35%, more than a point above the 2012 low of 3.3%.Whether you’re buying, selling or refinancing a home, here’s how to navigate the new environment.1. No more record rates, but still cheap loansIf the economy continues to improve as anticipated, rates will keep inching up. Freddie Mac expects the 30-year to reach 4.7% by the end of 2014. IHS Global Insight forecasts that rates won’t hit 6% until 2017.2. The refi window is starting to closeThe rate bump is already cooling off refis, but most homeowners with the equity and stellar credit to refinance have already done so.If you didn’t have enough equity to qualify, check again — rising prices pushed 850,000 homes into the black in the first quarter, according to CoreLogic. Plus, the recovery may lead lenders to loosen up.The average credit score for an approved mortgage has been 761, says the National Association of Realtors, up from the normal 720.3. Higher rates won’t scuttle the housing recoveryAt worst, this turnaround will only dampen the pace of growth, says IHS U.S. economist Patrick Newport. A healthier economy is what’s boosting prices. Rates would have to rise sharply to make a mark. “Going up three percentage points would be a major wet blanket,” says Bob Walters, chief economist of Quicken Loans.With prices rising, sellers can be patient. For buyers, mortgages are still historically cheap.4. Once you’re ready to buy, lock inTo avoid any short-term spikes, Washington, D.C., mortgage banker Frank Donnelly recommends locking in as soon as you can (typically when you sign a contract).Most lenders won’t charge for a 45-or 60-day rate lock. Pay for a 90- or 120-day lock only if deals close slowly where you live (ask your lender); the typical cost is a quarter of a point per 30 days. With a float-down option, you’ll pay less when rates fall at least a quarter point. Skip that add-on unless it’s free.5. Fixed loans usually beat adjustablesYou may be eyeing adjustables, which are up less than fixed loans. An ARM is the better call only if you plan to own your home for a short time.R