Home Mortgage Loan Rates – Citigroup Stops Foreclosure but Interest Rates Higher
Posted on | December 28, 2009 | No Comments
Home mortgage loan rates have been quite low for some time but we have recently seen interest rates move higher. One of the largest mortgage lenders in America, Citigroup, has decided to stop their foreclosures until January 17 You will not receive a foreclosure notices until sometime after the middle of January. This is great news for those of you who have struggled greatly when it comes to making mortgage payments.
At the present time 30 year fixed mortgage rates are around 5% which is up drastically from the 4.5% levels we saw at the end of November. The lows around 4.5% were actually all time lows but we may never see these levels again if the 10 year treasury rate yield continues its strong up trend. The 10 year yield has went all the way from 3.2% to 3.8% since the beginning of December so a cooling off period may be coming in the next few weeks.
If we do see the cooling off of the 10 year yield then mortgage interest rates are likely to cool off as well. If this does happen it would be fitting to see the new year roll around with mortgage rates slightly under the psychological 5% level. If this is the case you can be rest assured that Citigroup and the other major mortgage lenders will be advertising very hard.
Most mortgage lenders have increased their marketing efforts for the new year so do not be surprised to see many TV commercials for refinancing or buying a new home. Most of these commercials are sure to point out that mortgage rates are very close to or below 5%. It will be interesting to see how many mortgage refinance applications are submitted in January of 2010.
Now is one of the best times in recent history to refinance your current mortgage. Whether you have a CitiMortgage or any other mortgage there are many opportunities available. If you have equity in your home and a credit score above 740 then there is a great chance that you could get a refinance rate below 5%.
Author: Jeremy North
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