RateAPY

Mortgage Rates Up Sharply

Posted by: RateAPY Bank Rates News
February 26th, 2010

According to the Freddie Mac Primary Mortgage Market Survey (PMMS), the 30-year fixed conforming mortgage rate jumped 0.12% this week to land at 5.05% with 0.7% points. Normally, during a week of negative economic news, as stocks are being sold, mortgage backed securities (MBS) are being purchased, which keeps mortgage rates low. It is a surprise to see mortgage rates make one of the biggest jumps in weeks on such poor economic news.

Refinance Now While Rates Are Still Low

Next month the Federal Reserve will stop purchasing MBSs, which may cause mortgage rates to increase to about 6% fairly quickly. Now is the best time to refinance your adjustable-rate mortgage into a low fixed-rate, or to lower your fixed-rate to save money each month. There has never been a better time to refinance, and the window of opportunity may be closing soon. Get a free refinance quote today.