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The Risk of Rising Mortgage Refinance Rates

If you’re considering taking advantage of today’s low mortgage refinance rates to lower your payment or lock in an Adjustable Rate Mortgage you might be watching to see if interest rates go any lower. Refinance Mortgage Rates on a conforming, 30-year fixed-rate home loan have been stuck near four percent for five weeks now and some analysts see rates inching upward after the holiday season. If you’re carrying a higher interest rate home loan and want to lower rates chances are you won’t see opportunities like those offered by lenders like Amerisave again anytime soon. Here’s an article on MortgageLoan.com about the likelihood of mortgage refinance rates climbing in the coming weeks.

The picture with mortgage rates is a bit more volatile. Last winter, when 30-year rates were bumping around at or just below 5 percent, few thought it likely they could fall much further. Instead, like the air hissing out of a balloon, they gradually shrank all spring and summer, finally bottoming out around 4 percent, according to Freddie Mac figures, where they currently remain. There’s a general sense that mortgage rates just can’t stay that low much longer – that sooner or later, they have to head up again.

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If you decide to go forward with mortgage refinancing remember the fees you pay at closing will make or break the deal you’re getting. Paying too much for mortgage loan origination or falling for lender junk fees can make it difficult, even impossible to break even recouping your out-of-pocket expenses. If you’re a serial refinancer like many Americans, you’ll be losing money no matter how low your refinance mortgage rates.

How do you spot junk fees when mortgage refinancing? One example of a junk fee you’ll want to avoid is a rate lock fee. If you’re working with a broker that’s quoting you rate lock fees in your Good Faith Estimate this is a sure sign you’re dealing with a less than honest broker. Other examples of mortgage garbage fees include processing fees, application fees, and courier fees.

You can learn more about getting today’s lowest refinance mortgage rates without paying unnecessary fees by checking out my free Underground Mortgage Videos.

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