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Mortgage News – Is Now the Time to Lock in a Low Refinance Mortgage Rate?
It is never easy to recognize the end of a cycle. That said, it’s only a matter of time before mortgage rates start to rise. Many experts believe that historically low mortgage rates will remain low through the end of the year and beyond, and most likely even lower. Then again, this country hasn’t seen mortgage rates this low since the end of World War II, leading others to believe they’re as low as they’ll ever be.
With recent news of the US Treasury Department again considering handing out billions of additional tax dollars in incentives to banks and mortgage investors, is it likely that we will see fixed mortgage rates dip into the low-4% or the top-3% range? Or is it now time to refinance and lock in a low mortgage rate before it rises back into the 5% to 6% range, perhaps as high as the 7% range? Borrowers looking to refinance face a tough decision to lock in now or wait. Either way, the decision to wait could make the difference in tens of thousands of dollars over the life of their mortgage.
My recommendation would be to lock down permanently now. Borrowers would be ill-advised to wait for property values to continue to erode. Excellent credit and a history of timely mortgage payments would be considered worthless if home values continue their current downward spiral, forcing a loan-to-value ratio above the 105% threshold that has been established by the Affordable Refinance Program of the federal government (HARP) .
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