With small improvements in the economy the sub-5% interest rates on mortgages may be a thing of the past. Rates for conventional loans and refinancing of existing loans have gone up from below 5% to above it, and FHA and VA loans have gone from about 5% to averaging closing to 5.25-5.5%. While this seems like a small change, the numbers will likely not be going back down over 2010. Economists across the country are expecting mortgage rates to creep toward 6% over the year. This means that people will be able to get a little less house for their money, and be less likely to refinance existing loans.
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