If you have been sitting on the fence waiting for the right time to refinance, you definitely fell off the fence this past week as rates rose above 5%. Did you miss your opportunity? Are you starting to kick yourself because refinancing is as attractive as it was a couple of weeks ago? Well hold off on beating yourself up. You may have one last shot at the refinance boom of 2009.
Think Back to December 2008
Let’s turn back the clock to December 2008 when the Fed announced that they were pledging 1.25 trillion dollars to the mortgage markets, rates dropped overnight. This kept the rates low into the new year and have been holding steady at these low limits until now. The commitment to buy mortgage bonds was to last until June and now you are starting to see the rise in rates again as we finish out May. The Fed does not want this rise in rates, at least not yet!
You May Have One More Chance!
Looking at how rates have gone up over the last couple of weeks, I can see two things happening. Accelerating the rate at which mortgage bonds are being bought (there is still about $820 billion left to spend) and/or the Fed pledging more money to purchase bonds. Either outcome will cause rates to drop.
Don’t Let this Opportunity to Save Thousands Pass You By!
If you are sitting around crying in your Cheerios thinking you missed out on a great opportunity, it’s time to suck back those tears, and get your application in. This may be your last great opportunity to refinance in the historic refinance boom of 2009.
How Can I Be Sure to Take Advantage of Some of the Lowest Interest Rates in History?
To apply, please contact me or apply online with our secure online mortgage application.
Other Posts You May Enjoy
- The 12 Biggest Mistakes Consumers Make When Refinancing
- Auto Lock Program Ensures Seamless Refinance
- The Effects of the Fed Rate Cut
- Free Credit Report
- Official Launch of the Mortgage Adoption Center
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Chris Williamson is a Mortgage Advisor with Mortgage California specializing in San Mateo Mortgage.
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