After tiptoeing the record line for the past six weeks, mortgage rates set a new record low this week. Credit it to whatever you want: President Obama winning the election, Jay Cutler getting concussed, or Thanksgiving coming around the corner. The fact of the matter is that the nationwide average for mortgage rates across the country has never been lower according to Freddie Mac’s weekly Primary Mortgage Market Survey.
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.