Economic Conversation

Getting low home mortgage rates on a refinance is very important.  Low interest rates could save you hundreds of dollars a month on a mortgage payment.  Refinance rates are currently moving higher so now might be the time to get that mortgage application in.  The 10 year treasury rate yield has moved up significantly in the last week so we can expect to see much higher mortgage rates next week.  The 10 year yield has moved up over 10% this week which is very bad news for the idea of lower mortgage rates.

When attempting to get a low refinance rate it is important to make sure your credit score is clean.  You would be surprised at home many people have inaccurate information on their credit scores.  The only way to know what is on your score is to actually purchase one.  You can get a good credit score from Experian.com for under $20 and it is well worth it.  If you have any disputes on your score, it is advisable to address them now rather than wait.  One mistake on your credit score could end up costing you a full percentage point on your refinance home mortgage rate.

Now is the time to get out there and go through with the refinance process.  If you have been debating it in the past it is suggested to do it now.  If you wait too long, you could see mortgage rates at 6.5% or above.  Many home owners would not even benefit from a refinance if this is the case.  Make sure to do your research and educate yourself on the current housing market and get out there and get a low refinance interest rate!