Aug 11, 2009
Refinance Home Loan Rates - Mortgage Rates to 5.75%?
AUTHOR: Colin Keller
Refinance home loan rates have been for a wild ride over the last two weeks. At the end of July, mortgage interest rates were around 5.05% and many analysts were calling for mortgage rates under 5% very soon. The exact opposite happened as the 10 year yield rallied and we saw mortgage rates move up greatly. The 30 year fixed mortgage rates actually went from 5.05% to 5.45% in three short days. This is the type of movement to expect when the 10 year yield rallies as much as it did.
For those of you waiting for mortgage rates to dip below 5% you might be waiting a very long time; if it EVER happens. By looking at historcially trends, it sure seems that mortgage rates are much more likely to hit 6% than they are to hit 5%. There is a great loss of interest in refinancing when mortgage rates get to the 6% level. There are still many mortgage lenders out there who are advertising mortgage rates under 5%. If you want to get an interest rate this low I would suggest contacting them much sooner rather than later.
Congratulations on taking the first step in getting a lower home loan rate. The next step is to get out there and contact some of the lenders that are still offering historically low mortgage rates.