Mortgage Refinance Rates – Interest Rates Headed Higher

Mortgage refinance rates have been moving up recently. The beginning of this week we saw conforming 30 year mortgage rates almost approaching 5.50 percent. The recent rise in mortgage rates has put a damper on the refi market that had been humming along until recently.

U.S Treasury yields were up this week because the ecomonic outlook is starting to look a lot better than previously thought. As a result mortgage rates moved from around 5.00 percent up to 5.50 percent.

Thinking about refinancing your existing mortgage or getting a new mortgage for a home purchase? You probably should go ahead and do it because mortgage rates will be headed higher. Waiting until later this year or next year will cost you more, you should go ahead an lock into current mortgage rates now.

Mortgage interest rates are probably headed towards 7.00 percent by the end of 2010. Right now you can find mortgage lenders with mortgage rates in the 5.00 percent to 5.50 percent area. So if you’re on the fence about getting a mortgage go ahead and do it while mortgage rates are low.