Lowest Mortgage Rates Moving Above 5.3%?
Posted on | August 6, 2009 | No Comments
The lowest mortgage rates look to be moving higher as average mortgage rates have started to trend up. The 10 year treasury rate yield has moved much higher this week which has pulled every the lowest of mortgage rates up with it. It seems no matter how hard the government tries to keep mortgage rates down they always find support and start to move higher. Every time a major member of the financial media makes an announcement that mortgage rates are going to fall below 5% we see a strong push higher.
If you have been waiting to refinance or get your first mortgage now might be as good of a time as ever to speed up that process. There are still lenders that are advertising mortgage rates under 5%. While you may not know if you can get rates this low, you will never know for sure if you never ask. Most of the ads lead to an 800 number that allows you to speak to a representative. You may not want to give the representative all of your financial information but it might be wise to at least give them a call and see what interest rates are floating around out there.
It is definitely the case that even the lowest mortgage rates are moving higher. Now that average mortgage rates are above 5.3%, are we going to see a push higher towards 6%. No one knows the answer to that, but I wouldn’t want to be waiting on the sidelines as mortgage rates continue to move up!
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