Aug 7, 2009
Home Mortgage Loan Rates - Interest Rates Up to 5.5%?
AUTHOR: Catherine Brammer
Home mortgage loan rates have been for quite a ride over the last week. At the end of last week treasury yields sold off and we saw the 3o year fixed mortgage rate at 5.05%. Many analysts were suggesting that mortgage rates were going to fall below 5% this week. Well, the exact opposite happened and treasury yields started moving higher. With the move higher in yields, mortgage rates started to push up as well. Mortgage rates are now around 5.35% and have been moving up all week. The strong up trend in treasury yields which began back in January looks like it is going to keep home mortgage loan rates well about 5%.
If you have been thinking about getting your first mortgage or refinancing your current mortgage it would be wise to speed up the process. If you wait a few months or even a few weeks, you could see mortgage rates well above 5.5%. There are still mortgage lenders that are advertising mortgage rates under 5% so you still have a chance to get a low rate but that might not last for long. Most of the ads you see lead you to an 800 number to speak to a representative. It might be a smart idea to go ahead and call a few of these companies and see where mortgage rates might be headed.
Congratulations on taking the first step in getting lower mortgage rates. The next step is to get out there and actually contact some lenders that are still offering low mortgage rates. If you wait, you might never get this opportunity again.