Interest rates rise in the Bay Area- Now is the time to refinance

Interest rates rise in the Bay Area- Now is the time to refinance

Since mid-April, mortgage rates have been falling, shedding more than a entire percentage point along the way 5.25% all the way down to below 4.25% . For homeowners carrying a $300,000 mortgage, the rate drop is equivalent to $180 in monthly savings. But, that’s all over now.

The past 10 days since the Feds announcement of QE2 interest rates are up over 1/2%. The Fed intended on driving rates lower but by printing more money and causing a fear of inflation it has had the opposite effect.

The one segment of the market however that is not affected is the Jumbo loan market. Jumbo loan rates remain steady as they are not governed by the same entities. We are seeing Jumbo rates at impressive levels and remaining steady. With that said the time is still now.

Let’s Get That Mortgage Application Started

If you wondering whether the time is right to refinance, consider this your confirmation. Yes, it’s time. Mortgage rates are rising and look poised to cross past 5 percent. To finally get started with your refinance, click here to send me an email. We’ll get started on your rate quote immediately.

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