Steady Refinance Rates May Not Last for Long
After a crazy 2007 and first three-quarters of 2008 for refinance rates, things calmed down rather abruptly after the US government jumped in to bring down mortgage interest rates to help a falling economy and housing market. Since they pledged over one trillion dollars to buy up mortgage backed securities and US treasuries, refinance rates dropped like a rock and have remained in a rather tight range. Of course this is great news for refinancing homeowners because they are ranging near historic low levels, giving people time to cash-in on the low rates. The low refinance rates parade may come to an end soon though as the US government stimulus program efforts to keep mortgage rates low is coming to and end soon. Once this happens, expect refinance rates to jump upward.
