Current Mortgage Rate Trends – Interest Rates Drop to 5%
Posted on | August 2, 2009 | No Comments
Please use Subprime Blogger to get your mortgage rate trends; all trends articles are updated Monday, Wednesday and Friday. There are also several articles to help you get a home loan modification.
For the last few weeks, mortgage interest rates have been hovering around 5.2%. Last week when the 10 year yield sold off, average mortgage rates saw a drop to close to 5%. This is not surprising as the government is doing everything in their power to keep mortgage rates at historically low levels. President Obama and his administration is hoping that low interest rates will entice new buyers into the market and it will put a floor in home prices. It will be very interesting to see if this will work.
With that being said, now is as good of a time as any to refinance or buy a new home. If you have been thinking about going through the mortgage application process, you might not want to wait much longer. It would be ideal to have everything ready to go and when mortgage rates dropped below 5% you could just sign on the dotted lines. There are advertisements all over the Internet and television stated mortgage rates under 5%. You never know if you could get a rate this low until you actually call them and find out!
Overall, mortgage rates remain at historic lows but do not let this chance slip by as you never know when mortgage rates could turn around and head higher.
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