ResMac Reports that Mortgage Rates Increased as a Result of Stimulus

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According to a report released by Resmac, mortgage rates saw a sharp increase for a 30 year fixed mortgage, with the national average rate increasing a little over 3% since the FED announced news regarding the additional stimulus.

Mortgage rates posted sudden increases across the board, with 15 year fixed, 30 year jumbo, adjustable rate mortgage and 3 and 5 year ARM mortgages all seeing gains. The Federal Reserve announced a bond buying program that is intended to keep interest rates low. Ironically in this scenario it is believed that the bond buying program does exactly the opposite, with some analysts citing fears of the government program potentially contributing to higher inflation.

Resmac advises any homeowner who might have secured a loan from 2006 to 2008 when the average 30 year fixed interest rate was above 6%, to consider refinancing their mortgage loan immediately. An individual who has a $300,000 mortgage with an APR in the 6% to 6.5% range could find themselves making out checks for $1,400 a month opposed to $1,900 each month if they refinanced around the current 3.62% interest rate.

ResMac compiles this data by referencing a number of mortgage rate data sets.

Consumers who are interested in finding out how much they might be able to save are advised to visit Resmac Mortgage direct at http://www.resmac.us.

ResMac is a financial services company based out of Boca Raton, Florida.

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Brad Hayes
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