Morgtage Rates Tick Up as Housing Improves Creating a Catch-22

In a sign that the days of ultra-low mortgage rates may be ending, Freddie Mac’s weekly Primary Mortgage Market Survey, revealed that rates continue to harden, and have been doing so for three weeks. The 30-year fixed rate mortgage rose to an average 3.62 percent, from 3.59 percent last week. Similarly, the 15-year fixed rate mortgage was average 2.88 percent, up from 2.84 percent last week. Mortgage rates have started hardening and the trend caught attention in March and then again in June. It appears that the low borrowing rates helped beleaguered home owners to refinance their existing rates, and…