Aug 13, 2009
Mortgage Rates Settle Around 5.3% - Time to Refinance?
AUTHOR: Colin Keller
Mortgage rates have settled in around 5.3% for much of this week after a huge gain last week. We saw the 30 year fixed mortgage rate move from 5.o5% to 5.45% last week. It was almost a given that we would see a small pullback this week and this is exactly what happened. The bad news is that this pullback looks to be the lower part of an upward trend. If treasury rates continue to rally, we could very well see mortgage rates start to march their way towards 6% so now might be the best time to refinance.
You have probably seen advertisements on the Internet and television from mortgage lenders who are still offering mortgage rates under 5%. While you may doubt that you can get a mortgage rate this low, you will never know until you actually contact some of these companies. Most of the ads direct you to an 800 number where you can speak to a representative. You don’t have to give the representative your entire life story but it might be a good idea to at least call and ask some generic questions.
Congratulations on taking the first step in getting a lower mortgage rate. The next step is to get out there and actually contact some of the mortgage lenders who are offering mortgage rates under 5%. If you wait a few months or even a few weeks, you might be looking at 6% mortgage rates.
On September 3rd, inside the Rio Hotel - Las Vegas we are hosting the largest hard money lenders event this year.
Here are some of the topics discussed:
How to create an investor mortgage pool
How to position your business #1 on Google search engine How to create a residual income from your mortgage pool How to underwrite and fund your own deals How to lend and broker hard money deals How to take advantage of the REO market
Go to HardMoney or call 858 736 7788