| FHA loan rates have been in the same general trend | | | | you have been thinking about refinancing, it might be a |
| as average mortgage rates for quite some time now. | | | | good idea to go ahead and get the process started. |
| The overall trend has been sideways since the | | | | Once rates do drop below 5% you do not want to be |
| beginning of July but the government is working very | | | | in the crowd that is rushing to get your mortgage |
| hard to make sure that interest rates stay at | | | | application in in hopes of getting that low interest rate. |
| historically low levels. If this continues, we can expect | | | | Back in March, when mortgage rates were below 5%, |
| the mortgage rate trend to start downward. | | | | many borrowers could not get through the application |
| If the 30 year fixed rate mortgage works its way | | | | process because their was a backlog of applications. |
| below 5% this will make it very interesting on the | | | | You do not want this to happen to you when you |
| mortgage market. Mortgage lenders are not backed | | | | have the opportunity to refinance at one of the lowest |
| up right now because there has not been a swell of | | | | rates in the history of the United States. Make sure to |
| applications for refinancing. If we see rates go below | | | | take advantage of this time and have everything |
| 5% this is likely to chance as there will be a huge | | | | ready for when rates do drop below that level. |
| interest in refinancing below that psychological barrier. If | | | | |