Interest rates rose sharply last week for fixed rate mortgages. Freddie Mac reported Thursday that rates for a 30 year fixed rate mortgage rose to 4.39% from 4.17%. The 15 year loan increased to 3.76%.
It is impossible to consistently and accurately predict the direction of interest rates. The way to win this game is simple: do the numbers to see at what point, based upon all the information, it makes sense to refinance. Then take the money and run. Most consumers know that you cannot check the odds on the Super Bowl and then place a bet after the game. All too often we see consumers do this when it comes to locking a rate. By the time you hear interest rates will jump, they have already risen.
Remember that interest rates shoot up like a rocket and float down like a feather.
If you were turned down by a bank for a mortgage I would be happy to review your situation without cost or obligation.
Best, Chip
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
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