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Mortgage Rates Forecast – Interest Rates Up Big?

Posted on | July 26, 2009 | No Comments

Please get your mortgage rates forecast at Subprime Blogger.  Return every Monday, Wednesday and Friday as that is when the forecast is updated.

The current mortgage rates forecast continues to be cloudy as interest rates have yet to follow the lead of the 10 year treasury rate yield.  Last week I mentioned that the 10 year yield has moved from 3.3% all the way up to 3.7%.  You would think with a drastic move like this, 30 year fixed mortgage rates would follow.  That has not been the case as mortgage rates have generally moved sideways during the strong push higher by the yield.  That is likely to change, but who knows when?

The last time we saw action like this, there was a huge push higher.  Can we expect the same thing?  Once again, no one knows that answer but 30 year mortgage rates and the 10 year yield will come back together at some point.  Seeing that the 10 year yield has been in a strong uptrend since the beginning of 2009, my bet would be on average mortgage rates moving higher.  As of now, it looks as if mortgage rates should be somewhere around 5.6% yet they are being reported at 5.25%.  It will be very interesting to see when they react and how fierce that reaction is.

If you have been considering refinancing or getting that first mortgage, now would be as good as a time as ever to do it.  If you wait a few months or even weeks, you could see daily mortgage rates above 6%.

Category: Mortgage Rate Forecast
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