The best mortgage rates are back, lock in that great rate now!
For the last few weeks, mortgage rates have been quite favorable. 30 year mortgages are now pricing under 4.5% for primary residences. This has been due to the fact the Federal Reserve is buying treasury bonds and will continue to do so only until June 30! If you are in a position to lock your mortgage interest rate on that new mortgage loan you are working on, do it. Do not hesitate. Interest rates are always poised to spike rapidly and without warning so playing the market is not advisable. The big question is what will happen to mortgage rates at the end of June? Why You should Refinance Your Sonoma County Mortgage Loan.
If purchasing or refinancing the best mortgage rates are available until June 30, 2011.
This means lock-in that mortgage as soon as possible. Even if you have to lock in on a 45 day loan lock it is still worth it rather than the risk of the unknown. Why is this so important? It is because interest rates are artificially low right now and will likely not stay that way for any prolonged period of time. Interest rates are always akin to rising not falling. The only reason interest rates are low is because of the Fed’s involvement, otherwise we would be in a 5% mortgage market. Go back three months ago and we were there smack dab at 5% on a 30 year fixed-rate mortgage. The economy is still too fragile to tolerate a drastic rise in mortgage rates so what is likely going to occur is a slight uptick in the benchmark 30 year mortgage loan comes July. The best mortgage rates will soon be near 4.75% and will slowly rise from there in my opinion.
Besides having the benefit of the lowest cost mortgage over time, obtaining a ridiculously low interest rate lets us lenders compute a lower debt to income ratio which gives us more wiggle room to approve that loan. The other great financial incentives to locking in with the best mortgage rates Sonoma County, CA is that refinancing down the road will not be needed because we are at the bottom of the market.
Borrowers should take full advantage of the best mortgage rates while they are here.
In 2010, I personally refinanced dozens and dozens of clients who will never have to refinance their mortgages ever again because they locked in when rates were very favorable. Last year mortgage rates hit all-time lows very close to where we are at presently, many folks benefited. For everyone that waited, now is their second chance opportunity to move forward with the best mortgage rate with a local lender. See for yourself and get a free live mortgage interest rate quote.
Purchasing real estate or refinancing a property right now is a great financial decision, one move that can relived month after month seeing 4.375% on that mortgage statement. Contact Scott Sheldon Sonoma County Mortgage Lender for the best mortgage rates.
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