Mortgage Rate Predictions – Interest Rates Up HUGE This Week
Posted on | August 7, 2009 | No Comments
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Mortgage rate predictions have been quite difficult to make over the last two weeks as mortgage interest rates have went for quite the ride. The 10 year treasury rate yield has shot up over 10% this week and it looks very much like we are going to see 4% on the yield. If this happens you can fully expect to see mortgage rates around 6%. Just Sunday we saw the 3o year fixed mortgage rate at 5.05% and today we are seeing it around 5.45%. You can expect much more of this if the 10 year yield continues higher.
For quite some time I have predicted that mortgage rates were going to move higher but it seemed like it was just not going to happen due to the government’s interactions. Well, it looks as if interest rates are finally being set by the markets and we are seeing rate going much higher. While no one knows what next week brings, it is definitely the case that the 10 year yield is in a strong uptrend and that does not look to be breaking down anytime soon.
If you have been thinking about refinancing or getting your first mortgage I would suggest speeding up the process. There are still mortgage lenders that are advertising mortgage rates below 5% so I would jump on that as soon as I got the chance because it could get very ugly soon. In all reality, it looks as if 6% mortgage rates are going to happen much sooner than 5% mortgage rates.
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