Thinking of buying a new home soon? Mortgage rates might be on the rise.

If you are thinking to buy a new home in 2011-2012 it might be a good idea to consider starting the process to lock in a mortgage rate below 5%.

According to the

“Mortgage rates rose in the latest week, leaving the average rate on 30-year fixed-rate mortgages closer to 5%, according to a weekly survey by Freddie Mac.”

Obviously interest rates can rise and fall but we are still close to record lows. If the broader recovery continues and especially if we see more job creation there may be a temptation at the Fed to late rates creep up a little.

I’m not sure how long the window of opportunity of both low mortgage rates and relatively low home prices will last  here in North Scottsdale. But now is certainly a good time to be at least considering moving up the property ladder.