Compare Mortgage Interest Rates – Fixed Home Loan Rates Higher Today
Posted on | January 31, 2010 | No Comments
Many homeowners will look to compare mortgage interest rates at the beginning of February. At the beginning of each month there is usually an increase in the number of people searching for financial information such as mortgage rates. At the present time fixed home loan rates are higher with a 30 year fixed rate right at 5%.
For the entire month of January we have seen the 30 year fixed mortgage interest rate between 4.8% and 5%. It looks like the top of this range is going to be tested very early in February. If you have been waiting, in hopes of mortgage rates declining, you might have waited just a little bit too long. It would probably be a wise decision to take action sooner rather than later.
The Federal Reserve Bank plans to stop buying mortgage-backed securities at the end of March 2010. When this happens you can be rest assured that mortgage rates will move up approximately .5% to 1%. This may already be baked into mortgage rates by the time March rolls around. Either way expect mortgage rates to be around 6% in the near future.
There are many mortgage lenders who are currently marketing interest rates around 5%. As stated earlier, there’s a very good chance that mortgage rates could move up in the near future. You do not want to miss out on this low-interest rate environment as refinancing below 5% could save you a significant amount of money.
Author: Alan Lake
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