Home Loans
Low Mortgage Rates - Are They Only A Dream?
(presented by www.refinance-refinance.net - mortgage lenders)
By Tim Grimsley
The short answer is No, but they are starting to vanish before our very eyes. If you are to take advantage of low mortgage rates your time is running out. The Federal Reserve is continuing it’s policy of raising rates. This will in turn cause the banks and lenders to raise mortgage rates. Are the bank’s pleased with raising rates? No. Bank’s are no more pleased than you and I are, because they actually make more money when rates are low. More people finance and refinance when rates are low. The increased volume of business makes up the loss of interest rate.
Because the Federal Reserve has made it clear that it intends to continue slowly raising rates, the bank’s will have to also. This policy of raising rates insures that we will see higher interest rates for mortgages in the near future. Rates are currently as low as 6%, in the grand scheme of things that is a low mortgage rate. If you are to take advantage of it, you will have to act soon.
This discourages a great many people. But think of it this way, if you don’t qualify for 6% how about 8%. It wasn’t but a few years ago that to qualify For an 8% loan you had to meet the exceptional criteria. In a short while that will be true again. At that point, you will be looking at a 10% mortgage. A friend of mine refinanced a couple of years back, at the time rates of 4 1/2% were available. He was unhappy that he only qualified for 6%. Looking back he is happy that he did it because he would not get a 6% offer now.
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Too many people are turning their nose up at today’s rates, but we need to realize that the rates now are still cheap. In 1980 a low mortgage rate 12-13%, by comparison 6% doesn’t look too bad.
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