If you’re still on the sidelines with mortgage refinancing it appears interest rates may have bottomed out. According to David Coster at Mortgage Loan.com, bad economic news could be pushing mortgage rates up in the coming weeks. If you’ve been floating your best refinance rates hoping that interest rates will drop now may be the time to lock or get off the fence about your mortgage refi.
Mortgage Rates appear headed upward today with the US technically hitting its debt limit. Traders appear convinced that the future will include higher inflation. Data continues to show a choppy economy with some winners and some losers but no breakout either to the positive or negative. I expect rates to rise this morning but to remain relatively close to current levels.
Finding the best refinance rates shouldn’t be your only consideration when refinancing your home loan. Whether or not you’re getting a good deal is largely determined by the fees you pay simply because you’ll have to recoup these expenses before you realize any benefit from your lower payments.
There are a number of junk fees you’ll want to avoid on your mortgage refi. Loan processing fees, broker courier fees, rate lock fees and yield spread premium all muddy the waters of what is legitimate and what is pure garbage. The rules about mortgage broker compensation have changed recently so pay close attention to that loan origination fee being careful not to opt for lender paid compensation in exchange for a higher payment amounts.
You can learn more about getting the best refinance rates without paying junk fees or markup by checking out my free Underground Mortgage Refinancing Videos.