Since 30 years mortgage rates have increased during this week, FHA loan rates are likely to move up in the next few weeks. Over the last week, the mortgage rates have been observed moving up to 5.5% even from 5.05. This huge jump was to be expected as the 10 year treasury yield has moved up greatly in the last few weeks.
When the 10 year yield moves up, mortgage rates moving up is very normal. Knowing this, if you plan on refinancing or buying your first home, it would be very smart to speed up the process now rather than later.
If you’ve come across the advertisements over the Internet and television for mortgage rates under 5%, this is the best time to inquire, and in fact speed up your mortgage loan application process. If you wait a few months or even a few weeks, you might be staring at mortgage rates in excess of 6%, so make most of it before it’s too late.
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