Mortgage Rates are Rising
Mortgage Interest Rates have been very volatile overs the last 8 days, with interest rates rising rapidly today. Unfortunately, this shift toward higher interest rates is likely to continue. The mortgage industry has held its collective breath for a couple of months now, crossing their fingers and hoping that the record setting bond auctions that have been held over the past 3 months would maintain their high level of sales. For some time, this seemed to be the case, but only because the Federal Reserve was propping up the numbers with an aggressive buy-back strategy. However, this is about to end, and the last few weeks have received a luke-warm reception.
The bottom line, rates have been maintained at an artificially low level for a few months now. Chances are that we have already seen the lowest mortgage interest rates that we will see for quite some time. Rates are still good, but likely to trend significantly upward, as the high level of federal spending this past year catches up with us. My recommendation – if you are considering refinancing your mortgages (and you qualify with current qualifying standards), now is a good time to move forward. Things are likely to get worse before they get better.
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