Aug 11, 2009
30 Year Fixed Mortgage Rates - Interest Rates Up to 5.5%
AUTHOR: Colin Keller
The 30 year fixed mortgage rates have cooled off a little bit since the strong move up last week but they still remain in a strong uptrend. Interest rates have been held lower by the governments actions for quite some time and now it looks as if the markets are going to start setting interest rates. The government announced that they are going to stop buying treasuries which is sure to send mortgage rates even higher. It will be very interesting to see how mortgage rates react to the fact that treasury yields are likely to move much higher.
If you have been thinking about refinancing or buying your first home now is the time to speed up the process. If you have been waiting for mortgage rates to dip below 5% you might have waited a little too long. Now that the 10 year treasury rate yield is is strong rally mode, we are likely going to see 30 year mortgage rates work their way towards 6%. Most home owners lose interest in refinancing when mortgage rates are this high. Just because mortgage rates have moved up does not mean that you cannot get a low mortgage rate.
You have probably seen advertisements for mortgage rates below 5% all over the television and Internet. If you are intent on getting a low mortgage rate very soon I would contact some of these lenders and see what type of interest rate they can offer you.