While the general consensus is that mortgage rates are going higher and could hit 7.0% by the end of the year, there is a little conflicting data. For example, yesterday the Mortgage Broker's Association reported that mortgage rates increased slightly last week.

On the other hand, today Fannie Mae is reporting that mortgage rates were down slightly last week.

So, what does all this mean? For one thing, it means that you should probably shop around if you are looking for a mortgage. Over the life of a 30-year fixed mortgage, small differences can result in 10's of thousands of dollars at today's Southern California home prices.

On the other hand, just a few weeks ago everyone believed that the Fed was going to push rates higher. While the Fed doesn't control mortgage rates, their actions do seem to create mortgage rate movement. This week; however, the stock market is booming and there are now many financial signs that seem to indicate that maybe the Fed could be close to being done.

Might this keep rates lower for a longer period of time than previously expected? Perhaps mortgage rates will even slump a bit lower for a while?

Again, shop around for your mortgage.

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