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Mortgage rates moved to a nine-month high on Monday, January 28, 2013. Many who were waiting for the bottom may have missed it. Or have they? Already, there is much debate over where rates go from here. Recent economic data shows that the economy is healing. It’s a slow heal, but after years of negative economic news any reason for optimism is welcomed by financial markets. This overabundance of pent-up optimism has helped propel stock markets to multi-year highs. The stock r...ally has come at the expense of bonds. While stocks rallied, bonds lost momentum. The yield on the 10 year treasury rose to over 2.0% for the first time since April, 2012. Mortgage rates rose in turn, with the 30 year fixed jumping 0.25% in three days. But there are signs it may come back. And finally, don’t fight the Fed. As long as the Federal Reserve continues to spend $85 billion per month subsidizing mortgage rates by purchasing Mortgage-backed securities, it keep a lid on rates going much higher. For anyone waiting and hoping for better rates, odds are they will lose their bet. With an improving economy and our country’s heavy debt load and subsequent borrowing needs, the short and long term outlook for mortgage rates is for a slow rate creep upwards. If you have a rate in the 4’s or higher, the recommendation is to explore your options to take advantage of the long term fixed rates still in the 3% range while they are here.

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http://www.latimes.com//la-fi-harney-20130106,0,6997483.st