Mortgage Rates Increase after Hitting 30 Year Low (FRE)

Hope many of you took advantage of 30 year rates at the record low of 4.71% last week, as of today its back up to 4.81% according to Feddie Mac (NYSE:FRE) and that's if you can qualify. 
Mortgage rates are starting to slide toward 5% in a hurry and we may have seen a bottom in 30 year fixed rates.

Freddie Mac (NYSE:FRE) shares jumped 12% Friday afternoon to close at $1.26 a share for a weekly gain of 15.6%.  But do you really want to buy shares of Freddie?  How about getting a loan with them while mortgage rates are still near record lows.

BTW, the Masters are on the lookout for new mortgage, refinancing, and other offerings that can help new and existing home owners, review our sponsors for the latest deals:

Every week we search through the most relevant news on the mortgage and housing industry to help you protect your investments and keep you informed, visit our column Housing, Mortgages & Money.

Last year at this time, the average fixed rate for 30-year mortgages was 5.47 percent.

The average rate on a 15-year fixed mortgage rose to 4.32 percent from a record low of 4.27 percent.

Rates on five-year, adjustable-rate mortgages averaged 4.26 percent, up from last week's 4.19 percent. Rates on one-year, adjustable-rate mortgages fell to 4.24 percent from 4.25 percent.

Borrowers can reduce their rates by buying points, which cost 1 percent of the loan amount. The nationwide averages in Freddie Mac's survey were 0.7 points for 30-year and one-year loans, 0.6 points for 15-year loans, and 0.5 points for five-year mortgages.