Current Mortgage Rate Trends – Interest Rates Going Above 6%?
Posted on | August 10, 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.
The current mortgage rate trends are not looking good for home owners that want to refinance or future home owners who want to get their first mortgage. Since the beginning of last week, mortgage rates have made a straight shot up. Last Monday we saw the 30 year fixed mortgage rate at 5.05% and today we are seeing it around 5.5%. The 10 year treasury rate yield is pulling back slightly today but not enough to even remotely offset the 10% move higher last week.
It is very likely that we are going to see the 10 year yield works its way back towards, and possibly above, 4%. If and when this happens, you can expect to see mortgage rates make a beeline to 6%. It will be very interesting to see what this does to the housing market because there seems to be a great loss of interest in refinancing when mortgage rates make their way to 6% or higher.
If you have been thinking about refinancing or getting your first mortgage, I would speed up the process as much as possible. If you wait a few months, or even a few weeks, you could be looking at mortgage rates well above 6%. This would almost make it pointless to go through the refinance process.
Comments
Leave a Reply