In the past two weeks we have seen a slight increase to the Mortgage Interest Rates, as oppose to the drop in Mortgage Interest Rates that we had been experiencing for most of the year. However this week we have started to see the Mortgage Interest Rates return to the pattern that they had been for most of the year.
There is no secret to why we have been experiencing a drop in Mortgage Interest Rates for most of the year, and that they are at the lowest levels than most of us can remember. This has happened because of a weak economy here in the US and the debt crisis in Europe. These two things have caused investors to seek safer investments like Government Guaranteed Bonds.
However, we have most likely seen the last of the significant drops in the Mortgage Interest Rates, unless there is another major down turn in our economy, which I don't think anyone wants to see. The other thing that could possibly bring the interest rates further down would be for the government to once again interfere in the market. That also in my opinion would not be a good thing, the more the government interferes, the worse things seem to get. It is time to let the market run its course like it has to for there to be a true turn around.
Mean while if you have not taken advantage of the present low Mortgage Interest Rates, you should seriously think about doing so, because who know how much longer the Mortgage Interest Rates will remain at the present level. Now is a great time to buy with the Mortgage Interest Rates and home prices this low. If you are already a homeowner then it is a great time to purchase a larger home, or to Refinance your present mortgage. In most cases those that are Refinancing, are doing so for Mortgage Interest Rates that are 1% to 2% less than their present rate. That can mean a significant reduction in most monthly mortgage payments.
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308, gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.
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