Mortgage Loan Rates – Where is the Next Stop?
Mortgage loan rates have went for quite a ride over the last two months. In March, we saw historic lows for interest rates; many people were refinancing for under 5% on 30 year fixed rate mortgages. In late May and early June, we saw average mortgage rates jump almost a full point in two weeks. Freddie Mac reported a high of 5.59% for rates in the second week of June. Since then, we have seen mortgage rates fall all the way back to 5.2% and likely to go lower.
You may be wondering why we have taken this roller coaster ride over the last few months. Well, the answer in short is the economy. President Obama and his economic advisors are doing everything possible to keep interest rates low to entice interest in the housing market. We still do not have data to prove this is working, but please remember that much of the data we do have is from March and April so we cannot come to a conclusion yet. One thing is for certain, if you have been thinking about refinancing or buying your first home, get out and do it! If you can lock in at mortgage loan rates around 5% you will be getting a steal; especially with how cheap home prices currently are!
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2 Comments on Mortgage Loan Rates – Where is the Next Stop?
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Mortgage Loan Rates – Where is the Next Stop? | Loan References on
Sun, 12th Jul 2009 4:19 pm
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Church of Cowherd :: Home Loan Mortgage Rates – Lower this Week? on
Mon, 13th Jul 2009 5:19 am
[...] the original post: Mortgage Loan Rates – Where is the Next Stop? Tags: analysis, cash-analysis, college, economy, Finance, girls, home-loan-modification, housing, [...]
[...] very bad for the economy in the long run, but it is giving you the opportunity to get extremely low mortgage loan rates. The government has actually talked about trying to put a cap on interest rates. In more words [...]
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