In the new year, many analysts work on trying to predict financial trends while current homeowners are wondering: Will mortgage rates go up this year? This great article from msnbc.com – 7 Mortgage Trends to Expect in 2011 – helps shed some light on this question. The article claims that mortgage rates will go up througout the year:
“The Mortgage Bankers Association (MBA) anticipates that rates will rise slightly in 2011, hovering around 5 percent and increasing to about 6 percent in 2012. Holden Lewis of Bankrate wrote this past fall that economists had predicted a rise in mortgage rates by the third quarter of 2010. At the end of 2010, mortgage rates began to climb out of the 4 percent range and slightly above 5 percent.”
The article also addresses some other mortgage trends that are interesting to read. But there’s no doubt about it, mortgage rates are trending upward. If you are thinking about a mortgage refinance in 2011 your best bet is to act now before they rise any further.