Aug 7, 2009
Home Mortgage Refinance Rates - Interest Rates to 6%?
AUTHOR: Colin Keller
Home mortgage refinance rates moved up greatly this week. At the end of last week the 30 year mortgage interest rates were at 5.05%. Many analysts were predicting that mortgage rates were going to drop below 5% and we were going to see another “refi boom.” Well, the exact opposite happened. Treasury yields started a strong up trend this week and they pull mortgage rates up with them. In three short days mortgage rates moved from 5.05% all the way up to 5.45%. Will this continue into next week? Only time will tell!
If you have been thinking about refinancing or getting your first mortgage now would be the time to do it. If you wait a few months or even a few weeks, you might be looking at mortgage rates in excess of 6%. These would basically make it pointless to even go through the refinance process at all. There are still mortgage lenders who are advertising mortgage rates under 5% so it might be a good idea to go ahead and contact them and see what type of mortgage interest rate you can get now before rates head much higher.
Congratulations on your research on getting lower mortgage rates. Even though mortgage rates have moved up, it does not mean that you cannot lock into a low rate. If you want to do this, you need to act quickly because mortgage rates are not going to stay low for long.