According to Mortgage giant Freddie Mac, rates on a 30 year fixed mortgage rose slightly this week to 5.01% from 4.98%.  Rates are still significantly lower than last years 5.25% and still attractive to homebuyers and those looking to refinance, however many economists believe that the rise in rates is only the beginning.

As the Federal Reserve has put $1.25 trillion into mortgage backed securities in an effort to keep the rates hovering at approximately 5%, the program is expected to expire this spring.  The mortgage rates do not include add-on fees also known as points.  According to Freddie Mac’s survey, the fee averaged .7 point for 30 year and 15 year mortgages nationwide.