Bad Credit Mortgage Refinance – Fixed Interest Rates Creeping Towards 5%
Posted on | February 1, 2010 | No Comments
Going though the bad credit mortgage refinance process could save you a significant amount of money in the near future. If you can refinance to a lower mortgage interest rate you will see much lower mortgage payments over the course of your home loan. At the present time we are seeing fixed interest rates creep towards 5%.
The 30 year fixed mortgage rate has been between 4.8% and 5% for the entire month of January. Unfortunately, it looks as if this might be the end of low mortgage interest rates for now. The 10 year treasury rate has started to uptrend again and there is a very good chance that 30 year fixed mortgage rates will move above 5%.
If you have been hoping to refinance below 5% now might be the time to take action. If you continue to wait you could be looking at mortgage rates closer to 6% as many analysts have predicted that mortgage rates are going to move up starting in the spring of 2010. You do not want to miss out on interest rates below 5%.
It is important to note that bad credit borrowers are not going to get an interest rate below 5% on a mortgage refinance. If you have a credit score below 740 and very little equity in your home you can expect your mortgage interest rate to be much higher than the conventional 30 year fixed rate around 5% at this time.
Author: Jeremy North
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