Aug 2, 2009
Bad Credit Mortgage Refinance - Interest Rates Under 5%?
Over the last few weeks mortgage rates have been stable around 5.25%. This is quite remarkable as the 10 year yield has pushed up yet rates have been stable. Now that the 10 year yield is starting to pull back, are rates going to go under 5%? No one knows the answer to this question, but one thing is for sure; the government is going to do everything they can to keep mortgage rates extremely low! President Obama has worked very hard to keep interest rates at historic low levels and that is not going to change in the near future.
If you have been thinking about refinancing, now might be as good of a time as ever to get started so you can lock in when rates do go under 5%. There are many mortgage lenders that are advertising mortgage rates under 5% so it would not hurt to give them a call. Most ads that you see on the Internet or on television offer an 800 number for you to speak to a representative. It never hurts to give them a call and see what kind of deal you can get.
Congratulations on taking the first step in getting a low rate refinance. The next step is to start contacting some lender and asking questions. It is possible that you could get a mortgage rate under 5% even though you don’t have the best credit score.