Economic Conversation

AUTHOR: Colin Keller

Home mortgage refinance rates have fallen a little bit today after a huge jump last week.  We saw the 30 year fixed mortgage rate move up .4% in one week last week.  Luckily we have seen mortgage rates move back below 5.4% today but it might not last.  With the uptrend in treasury yields it does not look like we will see much lower mortgage rates for long.  If you have been thinking about refinancing, it might be advisable to go ahead and get that done now before it is too late and mortgage rates go above 6%.

You have probably seen advertisements on the Internet and television for companies that are offering mortgage rates under 5%.  You will never know if you can get interest rates this low unless you contact some of these companies.  Most of the ads lead to an 800 number in which you can contact a representative.  You might not want to tell the representative about your entire mortgage and financial situation but it would be a good idea to call them and ask some generic questions.  You might get them to offer you a mortgage rate under 5%.

Congratulations on taking the first step in getting a refinance mortgage rate under 5%.  It is going to be difficult to get a rate this low, but if you work hard and contact several lenders you might get a rate that is a once in a lifetime chance.

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