Mortgage Interest Rates Poised to Move Up?
Posted on | August 6, 2009 | No Comments
Mortgage interest rates have been in quite a tight range over the last month. Most of July, mortgage rates have been between 5.1% and 5.3%. At the end of July, we saw a quick sell of of the treasury yields which sent mortgage rates all the way down to 5.05%. Many analysts were predicting that mortgage rates would break down and fall well below 5%. Well, exactly the opposite happened. Treasury yields have seen a strong run up and mortgage rates have pushed all the way back up to 5.35%. Will mortgage rates continue higher?
If you have been thinking about refinancing or getting your first mortgage, it would be advisable to speed up the process as much as possible. With the 10 year treasury rate yield up trending with great strength we could very well see mortgage rates start making their way towards 6%. Luckily there are still many banks and mortgage lenders who are advertising mortgage rates under 5%. While no one knows if you will get a mortgage interest rate this low, you will never know until you actually contact them and ask. Most ads offer you an 800 number so it might be as easy as picking up the phone and giving them a call.
Congratulations on taking the first step in getting lower mortgage interest rates. By doing the research, you are well ahead of most current home owners. The next step is to get out there and actually contact some of the banks and lenders that can offer you a lower mortgage interest rate.
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