I-Team: What rising mortgage rates mean for home buyers - FOX 32 News Chicago

I-Team: What rising mortgage rates mean for home buyers

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You may have noticed – or, at least heard – that mortgage rates are starting to inch up again. The I-Team's Dana Fowle is here to help you understand what this change means for home buyers right now.

Those record low mortgage rates might be part of history now. A better economy and recovering house market mean the feds can loosen up on the measures they use to keep rates low.

Fowle spoke with a mortgage lender who says that rates in the last 45 days have risen from 3.25 percent to nearly 4 percent. What does that mean for you? Let's do some math. Let's say you're buying a home and you get a $200,000 mortgage. According to one lender, the increase from the lower rate to the new, the higher one will push your monthly payment up $75.

So, according to J.D. Crowe, a Lawrenceville lender, it's time to take buying a new house seriously.

Nobody can tell you what will happen. Of course rates could drop a bit again. But, a more natural place, Crowe says, for the interest rate to sit is in the mid-six range.

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