June 11th, 2013 4:05 PM by BILL WILBANKS
It's true, rates have been on a steady upward trend. And yes, there are still thousands of folks that have not refinanced out of a higher rate or into a better program. It happens every time after rates have been low. Why? Well many reasons. With the economy and job market some people have found they now have credit score issues holding them back. Far too many have been caught up in the high LTV or negative equity squeeze. Others simply let it get away from them because they simply never checked into it.
Well if you believe it would benefit you at all you'd better start paying attention. Rates are jumping and on very little more than the markets "expectations" (yet to be proven of course) that the Feds will begin reducing the amount of MBS' they buy monthly by maybe July, September, or even the end of the year (all guesses) but these fears have driven rates higher now. It's being referred to as "tapering"...lovely term. That would make less money available in the market for mortgage applicants and eventually rates would go up as the market adjusts to less money or private money would want a higher yield to pick up some of the the slack.
So.........if you want to take advantage of rates that though they are no longer are in the low 3's on a 30 year fixed like we've been use to, you should really look at your options before it's too late. If you are very high or upside down on equity check out the HARP program today. Click that button on the column to find out if you are eligible. I'm here to discuss your situation and answer questions. But, please don't let this market pass you by! Don't be one of the "Could've or Should've people we see so often".