Home Mortgage Rates – Should You Refinance Soon?
Posted on | July 6, 2009 | No Comments
Make sure to use Subprime Blogger to get your mortgage rates forecast. There are also several articles to help you get one of the best home loans available.
Home mortgage rates have been near historical lows for quite some time now. Even though we saw a quick move up in late May and early June, we are still at levels that most home owners would love to lock in at. Current mortgage rates are around 5.3% and have been moving sideways over the last few weeks. Is now the time to refinance your home loan?
The only way to answer that question is to analyze the number of YOUR home mortgage. If you feel you can save a full percentage point and you are not concerned with shelling out some money for closing costs, now might be as good of a time as any to apply for a refinance. If you wait until later this summer, you may find that daily mortgage rates are around 6% or higher. There is no doubt that the government is going to do everything in their power to keep average mortgage rates low, but it seems that the uptrending 10 year treasury rate is going to take mortgage rates along with it.
If the 10 year treasury rate continues its assault on 4% like it did last month, watch for home mortgage rates to be around 6%. If you wait to refinance at this point, it might not even be worth it when you include closing costs and the time and effort it takes to do research on mortgage rate trends and go through the trouble of the refinance appraisal. If you have been considering refinancing your home mortgage now would be the time to do it before we see a bounce in the 10 year treasury rate.
There is a chance that the 10 year breaks down and mortgage rates do drop below 5%, but are you will to take that chance. I truly feel that we will see a bounce in home mortgage rates shortly and that will be bad news for any of you who waited just a little bit too long to refinance.
Tags: 10 year treasury rate > home mortgage rates > Refinance Rates > refinance soon
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