Home Mortgage Loan Rates – Fixed Refinance Mortgage Rates Move Up
Posted on | January 29, 2010 | No Comments
Home mortgage loan rates have been stable for much of January but it looks as if we are seeing a late push higher. Fixed refinance mortgage rates have went from 4.79% to 4.95% in the matter of one day on the 30 year fixed rate mortgage. The 10 year treasury rate yield hit the support level of the 50 day moving average and has moved higher; this has pushed mortgage rates up significantly.
Here at Subprime Blogger we mentioned that the 10 year treasury rate yield was sitting right on its support level and we expected a jump. With that jump there was a good chance that mortgage interest rates would move higher. This is exactly what has happened over the last 24 hours There is very little argument that the 10 year yield is in a strong uptrend which is going to push mortgage rates higher.
If you have been looking to refinance at a low fixed rate then you might want to take action sooner rather than later. If you continue to wait you could be looking at mortgage rates closer to 6% than 5%. The Federal Reserve Bank plans to stop buying mortgage backed securities by the end of March which is another reason that mortgage rates could move up a full percentage point.
Do not let this low interest rate environment pass you by. Now is one of the best times in the history of the United States housing market to refinance your home. If you wait too long you may forego this opportunity and miss out on some amazing savings.
Author: Alan Lake
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