Refinance Rates Continuing Higher as Forecasted in Mortgage Rate Predictions
Posted on | May 14, 2009 | 3 Comments
Earlier this week I made the prediction that mortgage rates would tick a bit higher due to the financial institutions asking for more money:
This is a tough week as the stress test results were released and MANY financial institutions are asking for more money. It will be interesting to see how mortgage rates react to this but my prediction is: 30 Year Fixed Rate Mortgage – 4.87%
The weekly data that was collected by Freddie Mac showed rates at 4.86%. Now that we have seen two weeks of increased rates I feel that the Federal Reserve will put its foot down and sink more money into mortgage backed securities. Everyone is attempting to analyzing the data to find out if the housing market has hit a bottom but no one will know until months after the bottom has been put in. This is the exact reason so many people lie or die by financial markets. If you have the ability to time it perfectly, you can be a very rich individual. If you are always a step behind, you lose money every single year.
If you have been debating on getting a refinance, do not worry too much. Rates will come back down as Ben Bernanke and the Fed are going to continue to do everything to get the economy jumpstarted. I would advise you to get your home appraised and find out the approximate refinance rate that you will get as this is truly one of the best times in history to take this financial step.
Tags: fixed rate mortgage > mortgage rate > mortgage rates > Refinance Rates
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May 14th, 2009 @ 4:36 pm
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May 14th, 2009 @ 9:22 pm
In Wowmargage home-buyers obtain specialist mortgage advice, And that this advice is independent and we don’t have any restricted panel or are affiliated with a mortgage lender.
May 14th, 2009 @ 11:10 pm
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