User Profile

Mrs Nila Wells

Bio Statement Big Picture Loans Fha Loan Rates - Will Mortgage Rates Continue To Drop?

FHA big picture loans direct lenders for bad credit loans rates have been in the same general trend as average mortgage rates for quite some time now. The overall trend has been sideways since the beginning of July but the government is working very hard to make sure that interest rates stay at historically low levels. If this continues, we can expect the mortgage rate trend to start downward.

If the 30 year fixed rate mortgage works its way below 5% this will make it very interesting on the mortgage market. Mortgage lenders are not backed up right now because there has not been a swell of applications for refinancing. If we see rates go below 5% this is likely to chance as there will be a huge interest in refinancing below that psychological barrier. If you have been thinking about refinancing, it might be a good idea to go ahead and get the process started.

Once rates do drop below 5% you do not want to be in the crowd that is rushing to get your mortgage application in in hopes of getting that low interest rate. Back in March, when mortgage rates were below 5%, many borrowers could not get through the application process because their was a backlog of applications. You do not want this to happen to you when you have the opportunity to refinance at one of the lowest rates in the history of the United States. Make sure to take advantage of this time and have everything ready for when rates do drop below that level.

References