According to the Wall Street Journal mortgage rates drifted up this week affecting those with adjustable rate mortgages the most since these had the biggest increase. Fixed rate mortgages also increased slightly.

The 30 year fixed rate mortgage is averaging around 6.45% up slightly from last week at 6.42%. A year ago the 30 year average was 6.67% while today it’s 6.52%. The 15 year fixed rate is sitting at 6.04% down from 6.34% last year and up from last weeks 6.02%.

So many numbers, what does all of this mean. Well if we’re being honest here it seems there’s much tado about nothing. Every day, every week, every month we hear scare tactics being used, threats that rates are climbing so act now, doom and gloom but actually if you look at these numbers, there’s little difference in interest rates from a year ago.

What does that mean? Well it means to date in the last year there isn’t much of a change, but that doesn’t mean it’s going to remain like that. At some point interest rates are going to go up more significantly. After all that’s economics and the natural cycles of the market place.

If you’ve been thinking about purchasing a home now would be a good time to consider doing just that. You could wait but analysts predict we aren’t going to see rates drop. In fact, they predict we are now starting the upward climb.

If you decide now is the time to buy you should consider locking in for 30 years. Yes variable rates or shorter terms might save you some money but the alternative of interest rates climbing back up into the double digits could see you forced to walk away from your home. Locking into a 30 year now provides you with stability for the next 30 years. The rates aren’t going to get better than what we’re seeing!