Aug 5, 2009
Home Mortgage Loan Rates - Interest Rates Moving Up in August?
Home mortgage loan rates saw a steep drop at the end of July going all the way down to 5.05%. Since then we have seen an increase in the 10 year yield and that has caused mortgage rates to move up. We are currently looking at mortgage rates around 5.25% and they are likely to rise even more if treasury yields continue to push up. No one knows what will happen in the near future but one thing is for sure and that is the government is working very hard to keep interest rates as low as possible; take advantage while you can!
If you have been thinking about refinancing or getting your first mortgage now is as good of a time as ever. Even though mortgage rate are not below 5% there are still many lenders out there advertising rates this low. You see many of these ads all over the Internet and television. Most of the ads lead to an 800 number where you can contact a representative. You may not want to give the representative all of your financial information but it may be worth it to call and ask a few questions. You will never know what type of rate you can get until you ask!
Congratulations on taking the first step in getting a low mortgage rate. The next step is to get out there and actually contact some lenders that are offering low mortgage rates. You never know what type of deal you can get until you actually speak to some of these companies.