For the past several months it seems like you can’t kill the stock market nor the low refinance mortgage rates being served up to the public. The Yield on the 10-Year Treasury has flirted with the key 4.0 percent level many times and just cannot breach it, luckily for those that are in the market for a mortgage loan.
The 10-Year yield closed yesterday at 3.535 percent, and refinance mortgage rates are still near all-time lows.
Rates on 30-year fixed mortgages can be had at under 5.0 percent for the par or even rate, with no points either way. 15-year fixed rate mortgages are being offered at below 4.5 percent and some lenders are offering 5-1 ARMs at below 4.0 percent.
Many had expected mortgage rates to rise once the US government programs for mortgage-backed securities and Treasury buybacks terminated in April, but the refinancing mortgage rates market never skipped a beat. In fact, rates have dropped over the past couple of weeks as turmoil in Europe’s debt mess prompted more buying of US treasuries.
Housing numbers continue to be the fly in the ointment, but recent improving numbers in key economic categories could bode well for an improvement in housing.
Opportunities still abound for those looking to refinance their current mortgage, but as always, get a good grasp on the current fair market value of your home before jumping into the water. Although home sales have perked up recently, overall home values still remain at relative low levels as compared to 2007 peak values.
If you are considering a home mortgage refinance now and need some help, have questions, or need some competitive refinance rate quotes, please check out the popular Refinance Tool Box. Just give a call at 888-850-9888 or fill out a Rate Quote Request online for professional assistance without the aggressive high-pressure sales tactics.
May the Mortgage Refinance Rates be with You!
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