Mortgage Rates Rise for Week of December 28

Mortgage rates rose again, with rates for 30-year FRMs moving from last week's 5.05% to 5.14%. Rates for 15-year FRMs remain well below the 5% benchmark, but did rise 9 basis points from 4.45% to 4.54%. For those seeking a low initial rate, 5/1 ARM rates rose to 4.44% from last week's 4.40%.

First Tax Credit Deadline Looms in April

In 2010, taxpayers face a double tax deadline in April, with federal income taxes due April 15 and the April 30 deadline for the federal home buyer tax credit program. If you want to take advantage of this program, you'll need to sign a purchase contract by April 30 and close no later than June 30, 2010. It's possible that the tax credit program may be extended for a second time, but with growing public concern about federal government's budget deficit, there are no guarantees. Mortgage rates remain affordable for many buyers, as do home prices in many areas, so this is a great time to combine the benefits of saving on a home and getting the tax credit.

Thinking of Refinancing? Don't Wait Too Long

Refinancing your mortgage can provide benefits such as interest savings associated with lower mortgage rates and, depending on your home equity, may also provide cash for paying off high-cost credit cards or making home improvements. Talk with your tax advisor to see if consolidating credit card debt with a cash-out refinance can provide additional deductions. Whatever your mortgage loan needs, don't delay if you're ready to buy a home or refinance your home loan.

Compare mortgage quotes and shop online for your best mortgage features and terms. Ask plenty of questions and take time to shop carefully and match mortgage loans to your needs.

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