Rates on 30yr fixed mortgages have risen above 5 percent this week due to a Federal Reserve program in order to keep interest rates low coming to an end. Currently the average rate on 30yr fixed mortgages is 5.08 percent versus last weeks rates of 4.99. Last year in April 30 yr fixed rates were at 4.78 percent. What does this mean for mortgage interest rates? I think now is the time to refinance for everyone holding back.
December 2009 was the record low for 30yr fixed mortgages at a rate of 4.71 percent and have been lingering around 5 percent since. Rates have been held down by the Federal Reserves 1.25 trillion dollar program to buy mortgage backed securities. Unfortunately this program ended on Wednesday and rates have seen the result this week.
In the month of April rates will be very volatile and may continue to rise throughout the second quarter. Many individuals have put off refinancing or have been denied due to poor choice in lender. The percentage of Americans who's loan amounts are more then the value of the home is rising. Now offered by The Mortgage Concierge is refinancing up to a 105 LTV and unlimited CLTV. This gives these types of borrowers the ability to refinance before we continue to see rates rise. Now is the time don't resist the ability to find out what your options are in today's market.
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