Mortgage rates tick upward this week as tension builds over the debt crisis. The 30-year fixed-rate mortgage climbed 6 basis points, to 4.74 percent. The 15-year fixed-rate mortgage also rose -- coming in at 3.83 percent. The average rate for 30-year jumbo mortgages is up 2 basis points to 5.19 percent.
The uncertainty about the U.S. government's ability to guaranty its debt influences both Treasury and mortgage rates. As a result of the negative outlook, Treasuries have lost some appeal among investors -- thus lowering their prices and causing rates to climb.
Still rates sit at historic lows -- and if you're in the market to purchase a home -- you can lock in the best rate by shopping around. You can do that by visiting Bankrate.com. I'm Kristin Arnold.
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