The mortgage markets didn’t take Fed Chairman Ben Bernanke’s comments last week well. After Bernanke said that if the economy continued to recover the Fed would like to start tapering off its $85 billion per month bond and mortgage-backed securities purchase program (aka QE2), the markets reacted quickly and the result was mortgage interest rates shot higher Monday. Since then rates have slowly moved lower again though. With any luck this downward trend will continue for several weeks.
If you have considered getting a refinance now is the time to get started. It usually takes a month or more to get to the finish line on a refinance so with any luck rates could be better by a month from now. Keep in mind that while rates might drift lower again this summer, the writing is on the wall that they will be trending higher over the next year or two so getting refinances going now is prudent. Contact us in the sidebar to learn more.