Mortgage rates  in the Philadelphia area are starting to increase, however this may actually create a great opportunity to buy a home.

The mortgage rates in 2010:

5.25% – 1/1/2010

4.25% – 11/30/2010

5.25% – 12/15/2010

4.75% – 12/31/2010

4.875% – Today

So a $300,000.00 mortgage has ranged from $1,650.00 down to $1,471.00 last year. That is only $179.00 a month.

2011 Mortgage Rates are projected to be:

5.2% – Q1

5.3% – Q2

5.4% – Q3

5.5% – Q4

Mortgage rates are projected to continue to rise into the 6’s in 2012

So the same $300,000.00 mortgage is going to range from $1582.00 (today at 4.875) to 1,696.00. This is only $114.00 a month.

It is still a great time to buy, in fact, maybe the best time ever when you figure the combination of rates and home prices!