Mortgage Broker MN - Jeremy Redlinger

According to the latest Freddie Mac PMMS, the 30 year fixed mortgage rate fell 6 basis points to an average of 4.31 percent from a week ago and the 15 year fixed mortgage rate fell 2 basis points to an average of 3.39 percent from a week ago.

These easing mortgage rates won't last forever and may be over before you have an opportunity to react to them. You can take this article as fluff or you can heed it as a warning but with the influence the Federal Reserve has on interest rates here are some things you should be aware of.

Back in April while the 30 year rate was still in the low to mid 3 percentile, the Federal Reserve announced they were going to ease out of purchasing $85B worth of mortgage backed securities on a monthly basis. This combined with an improving job market has sent mortgage rates to where they are today.

Once the Federal Reserve does start to pull money from the MBS purchases the chances are very likely interest rates on mortgages, credit cards and anything else you have an interest rate on that is not fixed will increase.

Before this happens you should start to prepare yourself by looking into your credit situation, checking the equity available in your home and put yourself into a position to take advantage of what today has to offer.