Believe it or not, long-term interest rates have actually been climbing in recent weeks, making mortgages more expensive. That's odd given the likely recession ahead. But long-term rates could continue to climb as the government pumps money into the economy and bond traders worry about a weaker dollar and inflation a little further down the road. If you are saddled with a variable-rate mortgage where the rate is set to jump in a year or two you may be better off locking in a 30-year rate today, even if it's higher than the rate you are currently paying.
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