It's the first week of February and rates have risen since last week. Our 30-year fixed rate rose slightly from 3.25 percent to 3.5 percent, our 20-year fixed rate went up from 3.125 percent to 3.375 percent and our 15-year fixed rate jumped from 2.5 percent to 3 percent. Though rates are now on the uptick, the movement is slow, so you should still have time to take advantage of low rates before they rise too far from their record lows.

If you are still on the fence about refinancing, "there's no point to dilly-dally" said Frank Nothaft, Freddie Mac's chief economist in a USA Today article discussing the rise in rates and whether or not lower rates are in our future. Read the article to learn more about why rates are rising and why you should be refinancing now rather than later.   

Bank of Little Rock Mortgage is also rolling out a new blog to provide our experience and expertise on mortgage finance, written in plain English for you to follow easily. We call it The Mortgage Statement.  

Are you interested in seeing if you prequalify for a home loan? We have a quick-and-easy way for you to get prequalified for a mortgage online.

If you have any questions, comments or concerns, we would love to hear from you. Just contact us and let us know what you need. 

Happy Tuesday,

Scott McElmurry

President & CEO of Bank of Little Rock Mortgage

NOTE: Your mortgage rate can be affected by a number of factors, including your credit score, loan-to-value ratio, your down payment and the loan program you choose. No matter what, we'll always find you the best mortgage loan at the best rate, guaranteed. For more information, visit our Today's Rates page.