Mortgage interest rates have been moving lower for over a week now. A slow but steady drumbeat of disconcerting world news, including signs of more financial troubles in Europe and increasingly aggressive actions from North Korea have sent investors all over the world back to safer investments like US Treasuries. The increased popularity of US treasuries has in a roundabout way put downward pressure on mortgage interest rates again. While rates are not yet at the all time lows we saw in last winter, they are better than the increased rates we saw for much of February and March.
One big mistake that a lot of people make when looking to refinance is waiting too long to get the process started. Many borrowers wait until they think rates have bottomed out before starting a refinance process. The problem with that is that it often takes a few weeks of working on a refinance before it makes sense for a lender to lock the rate in so many borrowers miss the lows by starting too late. The best time to start a refinance is while a downward trend in rates is starting because borrowers are less likely to miss the lows in rates. Contact us in the form on the right today to learn more about the government mortgage programs that the Obama administration has in place.