After breaking records for all time lows in July, mortgage interest rates have slowly begun inching higher again in August. This is in response to some macro-economic news that led to the yields on the 10-year treasury note to increase over the last few weeks. Of course mortgage interest rates increasing again after breaking new record lows was inevitable, but the good news is that so far the rates are still near those all time lows.
There is no telling where rates will be in a few months, but odds are that in a couple of years 30 year fixed mortgage rates will be back in the more normal 5-7% range rather than in the high 3s and low 4s like they are now in many cases.
Not everyone can qualify for a government-backed refinance but the folks who can and do refinance to these low rates will be in an enviable situation for years to come. Contact us in the form on the right to get more information about the government-backed refinance programs available.