Federal Reserve to raise interest rates.

POSTED: Tuesday, January 5, 2010 - 9:10am

UPDATED: Thursday, February 25, 2010 - 11:35am

If you are thinking about buying a new home this year, you can still get one pretty cheap, but only if you buy soon.

Although the Federal Reserve has held interest rates near zero for nearly a year, mortgage rates are slowly starting to inch up. In the final week of 2009, 30 year fix rates were already on the rise, and although the increase was slight, analysts say the Federal Reserve can't keep those rates as low as they are now for too much longer.

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