Mortgage Interest Rates rose today from fears of the US’s triple A credit rating lowering. This was recently done with Portugal because of its excessive debt, and fears that they will be able to pay it back.
The Fed’s purchasing mortgaged backed securities is set to end this month. These purchases have artificially been keeping mortgage interest rates down.
Many of the things I have read suggest that rates will rise slowly this year, and probably won’t get higher than 6%, but, with the sudden changes in the way things are they might rise suddenly, and quickly.