With the sudden rise in mortgage rates, we have to question whether the Refi Boom is ending.
This week, it’s unlikely that the Refi Boom will meet its end, but that doesn’t mean you should wait for rates to fall further. Mortgage rates tend to change quickly and without notice, and should rates rise, you may find that you’ve missed the market bottom.
No doubt you’ve heard that mortgage rates are low. They’re lower than they’ve ever been in history. The news is everywhere. But the low rate environment looks like it’s ending.
Last week — again — mortgage rates improved and Freddie Mac is now reporting new all-time lows on three popular, conforming loan products. Here’s what’s in store for *this* week.
Although the newspapers reported mortgage rates down last week, they weren’t. Conforming mortgage rates were higher by at least 1/8 percent, or roughly $11 per $100,000 borrowed per month. In some cases, rates were up by even more.
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