Aug 7, 2009
FHA Loan Rates - Mortgage Rates Moving Higher This Week?
AUTHOR: Colin Keller
FHA loan rates are very likely to follow the trend of overall mortgage rates and that trend happens to be up. Currently, average mortgage rates are sitting around 5.35% which is .3% higher than they were earlier this week. The push higher by the treasury yield has forced mortgage rates to move much higher. This is bad news for anyone who has been waiting on the sidelines for mortgage rates to fall below 5%. There is still a possibility that this may happen but it seems quite unlikely as the treasury yield has been in an uptrend since the beginning of the year and it seems to be pulling mortgage rates higher.
If you are considering getting a first mortgage or a refinance, now might be as good of a time as every to get things started. If you wait a month or even a few weeks, you could see mortgage rates in excess of 6%. This would almost defeat the purpose of refinancing at all. There are still several mortgage lenders that are advertising mortgage rates under 5% so it might be wise to go ahead and contact them before it is too late.
Congratulations on taking the first step in getting a lower mortgage rate. The next step is to get out there and actually contact some lenders and see what they are offering. You will never know what type of interest rate you can get if you don’t contact the mortgage lenders.