Aug 13, 2009
Refinance Rates Drop This Week - Interest Rates Primed to Refinance?
AUTHOR: Colin Keller
Refinance rates dropped this week as the strong push up in treasury yields and interest rates has taken a breather. This does not mean it is over just that we need a chance to cool off. Mortgage rates were up from 5.05% to 5.45% in one week alone. It seemed obvious that refinance rates needed to pull back a little bit. The bad news is that this looks like the bottom of an upward trend. The treasury yields have been in rally mode since the beginning of 2009 and that is likely to push mortgage interest rates to 6%. Now might be as good of a time as ever to refinance with the current drop in rates.
You have probably noticed advertisements on the television and Internet for mortgage lenders who are still offering mortgage rates under 5%. You may think you don’t have access to these rates but you will never know unless you give them a call. Most of the ads direct you to an 800 number where you can contact a representative. Please realize that if you do make the phone call you can hang up at any time. Most mortgage lenders will be begging you for your business so you can be very picky.
Congratulations on taking the first step in getting a lower refinance rate. By doing the research you are well ahead of most American home owners. The next step is to get out there and contact some of the mortgage lenders that are advertising mortgage rates under 5%.