Refinance Home Loan Rates – Lock In a Low Mortgage Rate Today
Posted on | December 23, 2009 | No Comments
Refinance home loan rates have dropped to historic lows in 2009 but that might change quickly in 2010. If you have been thinking about refinancing or getting your first mortgage then it might be a good idea to lock in to a low mortgage rate today. If you continue to wait you could be looking at mortgage rates closer to 5.5% than 5%. At the present time the 30 year fixed rate mortgage is around 4.85% but it has moved up drastically in December.
Since December 1st we have seen the 30 year fixed rate move from 4.49% all the way up to 4.85%. This movement has a lot to do with the fact that the 10 year treasury rate yield has moved from 3.2% all the way up to 3.75%. If this strong move by the 10 year treasury rate yield continues then there is a very good chance that we could see the 30 year fixed rate around 5.5%.
If you have been waiting for mortgage interest rates to hit an all time low then it might be time to take action. You might have missed this all time low opportunity but mortgage rates are still well below 5%. If you continue to wait it out you might miss out on the entire opportunity. The Federal Reserve Bank is going to stop purchasing mortgage backed securities by the end of March 2010 so you definitely want to lock in your mortgage interest rate before this time.
There are many mortgage lenders that are willing to help you get a low refinance rate on your current mortgage. By simply doing some Google searches you are likely to find many financial institutions that are more then willing to help you lock in to that low rate that you desire. As stated earlier, it would be a very good idea to address this issue sooner rather than later or you might miss out on the opportunity of a lifetime.
Author: Mike Garner
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