With the debt crisis in Europe flaring up again, more and more investors are fleeing stocks for the safety of US treasury bonds. The more investors buy up US treasury bonds, the more mortgage interest rates tend to dip. The latest round of European debt fears has driven mortgage interest rates down to levels that are once again threatening all time lows.
As we have noted before, rates on HARP 2.0 loans tend to be somewhat higher than rates on less risky mortgages. But even at rates slightly higher than other mortgage HARP 2 loans are often great options for those who can qualify. And rates on all types of mortgages have been improving with the yield on the 10 year treasury note dipping again.
Rates on FHA loans are especially low lately — often lower than the best available rates on conventional mortgages. This is especially good news to folks who have FHA loans that are more than three years old because they should be eligible for the new FHA streamline program set to launch in June 2012. Borrowers with VA and conventional mortgages now also have plenty of reason to investigate refinancing right now.
Contact us in the sidebar today to learn more about the available programs and rates while we are still in this historic dip in rates.