Average Mortgage Rates Moving Lower?
Posted on | July 9, 2009 | 1 Comment
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Earlier this week I wrote an article on how it was possible that we would see higher mortgage rates if the government did not interfere. Obviously that is not the case as the Federal Reserve decided that it would buy more US debt yesterday. I think we all know in the back of our minds that this is a bad idea. All the Federal Reserve is doing is trying to print their way out of this recession. The value of the dollar is going to plunge when other countries figure out that we are no longer the financial giant we once were.
With that being said, it looks as if average mortgage rates are going to go much lower. We are seeing a bounce back in the 10 year treasury rate, but this is the exact break and retrace movement I was expected. I fully expect the 10 year to try to make its way back to the 50 day moving average and then work lower to the support of the 200 day moving average. Once again, that is the way the market generally works, but who really knows what President Obama and Ben Bernanke are up to.
One thing is for certain, if you have been thinking about refinancing or getting your first mortgage, you are going to continue to have the opportunity of a lifetime as our President refuses to let the market set interest rates. If I were you, I would pursue that first mortgage or refinance now as we have no idea when we are going to see a sling shot effect in mortgage rates. When this does happen, we are likely to see daily mortgage rates shoot up quite a bit in a short period of time.
Tags: 10 year treasury rate > average mortgage rates > mortgage rates low > mortgage rates lower
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July 9th, 2009 @ 12:04 pm
[...] Average Mortgage Rates Moving Lower? [...]