Mortgage Rates Forecast – Interest Rates Up and Away

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 has cleared up but it looks like thunderstorms are ahead of us.  The 10 year treasury rate yield rallied over 10% last week which sent mortgage rates from 5.05% to 5.45%.  This weekend we saw mortgage rates around 5.5% and it looks like they are going to continue higher.  We are seeing a slight pull back in the 10 year yield today but nothing to offset the huge move that we saw last week.  If the 10 year yield continues its assault on 4% we are like to see the 30 year fixed mortgage rate makes its was to 6%.

This is very bad news for anyone who has been waiting on this sidelines to refinance or buy their first home.  If you were waiting to see mortgage rates plummet below 5% then you might be out of luck.  It sure looks to be the case that mortgage rates will be above 6% before they are below 5%.  Unfortunately this totally kills the attraction of refinancing. The costs along with the time and effort to get a 6% mortgage rate might not be worth it.

If you are in the process of refinancing or getting your first mortgage, I would strongly suggest you speed the process up so you can get a lower mortgage rate.  If you wait a few months or even a few weeks, you might be looking at mortgage rates in excess of 6%.

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