Mortgage Interest Rate Update 06.20.2012

Mortgage interest rates continue to be stable.  We’ve seen a bit of volatility in the MBS market but overall lenders have done a good job with keeping rates stable.  Europe and the US economy continue to way most on bonds.  Refinance and purchase applications are up with a bulk of the applications being those looking to refinance into a lower rate.  The 10-year treasury remains below 1.80% and stocks have rebounded the last 7-10 trading days.  In some surprising news many lenders are reducing or even eliminating their FHA streamline production.  The reason?  The biggest lenders out there are saying the demand is far greater than their capacity.

Mortgage interest rates should remain stable in the near future however they’re are no guarantee’s.  Always remember this:  rates go up much, much faster than they come down.  If you are looking to refinance your current California mortgage into a lower rate it might be a wise idea to lock in sooner rather than later (especially if you are seeing a significant drop in rate).