Ongoing uncertainty in world markets has created the lowest mortgage rate environment in three months, opening another window for homeowners hoping for rock-bottom rates.
Great news for home buyers or those waiting to refinance. Mortgage rates are down and now is the time to take advantage of a lower payment! The Wall Street Journal reported this week on Freddie Mac's weekly survey of mortgage rates, showing rates in a decline for the third straight week. Here's a bit from the article: "Mortgage rates eased again last week, with long-term rates continuing their decline from the current-year high set three weeks ago, according to Freddie Mac's (FMCC) weekly survey. Rates had seen a recent rise, hitting their highest level since April last month. They had slumped most of last year as Treasurys had declined amid economic uncertainty. The rates generally track the yields, which move inversely to Treasury prices." If you're one of the people waiting for rates to come back down, your day has come. Act now or you might be sorry!
Today, the Obama Administration proposed three options aimed to reduce the government’s role in the mortgage industry, but all three options are expected to cause a rise in interest rates.
While mortgage rates for 2010 averaged some of the lowest on record, rates for the 30-year fixed are now at their highest level in seven months.
The 5-week run of rising mortgage rates is fueling speculation that 4-ish 30-year mortgage rates will soon be a thing of the past – and that the new normal for 2011 will see 30-year rates hover in the 5.0% range.
As all good things must, one day these low mortgage rates will come to an end. Our chart will give you an idea of where rates are headed.
Freddie Mac reports average mortgage rates have risen for three weeks in a row in response to signs of economic recovery, while home prices continue to fall.
Mortgage interest rates tick upward – don’t miss your chance to refinance into a historically low mortgage rate!
Could this be a turnaround in the mortgage market? The lowest mortgage rates in history coupled with an upswing in purchase applications?
Home mortgage rates increase – have you bought your home or refinanced your mortgage yet? Don’t miss out on historically low mortgage rates!