Bad Credit Home Loans – Last Chance to Get Low Mortgage Interest Rates?
Posted on | January 29, 2010 | No Comments
Many Americans are currently paying on a bad credit home loan and if you have been looking to get a low mortgage refinance you might be running out of time. We might be in a short term period that is considered the last change to get low mortgage interest rates. Many analysts have predicted that mortgage rates are going to move up starting in the spring and this move higher might have already started.
The 10 year treasury rate yield has has a very strong correlation with the 30 year fixed mortgage rate since 1971. When the 10 year yield moves higher mortgage interest rates tend to follow. Since the beginning of December the 10 year yield has been in a strong uptrend. After a brief pullback to the 50 day moving average the 10 year yield is once again moving higher.
We have seen the 10 year yield bounce from 3.57% up to 3.65% over the last two days. There is still room for downside but the bounce off the 50 dma could prove to be the bottom for mortgage rates in 2010. The 30 year fixed mortgage rate reached 4.79% and quickly moved all the way up to 4.95%. With this being the case it might be a wise decision to refinance your bad credit home loan before it is too late.
There are still many bad credit lenders that are advertising low mortgage rates so it would be smart to contact them as soon as possible. It is important to remember that you will not get a 100% accurate rate quote until complete the mortgage refinance application process. Once you complete this process you will be able to better determine how much money you are going to save.
Author: Mike Garner
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