Low Mortgage Rates a Thing of the Past – Interest Rates Moving Up?
Posted on | August 6, 2009 | No Comments
Getting low mortgage rates have been relatively easier for much of the 2009 year. The highest that we have seen mortgage rates is 5.59% and that was for one short week. For the majority of the year mortgage rates have been below 5.3% and there were several months in which mortgage rates were below 5%. What makes this very interesting is the fact that treasury yields have been in a steady up trend for the entire 2009 year. Almost all of the time, when treasury yields are move up, mortgage rates will follow.
We have recently seen another uptrend in the treasury yield which has pushed mortgage rates from 5.05% all the way up to 5.35% in less than a week. If we continue to see a push forward by the treasury yield you can be rest assured that mortgage rates are going to start making their move higher. If you have waited for mortgage rates to drop below 5% to refinance or get your first mortgage, you might be running out of time to get a mortgage rate under 5.5%.
There are still lenders who are advertising rates under 5%. You will never know if you can get a rate this low if you never contact the lender and go through the proper steps. Most of the ads that you see on television and the Internet lead to an 800 number in which you can speak to a representative. Even if you don’t want to give the representative all of your financial information, it may still be wise to contact them and see what type of interest rate you are likely to get.
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