Those who want to make their refinance happen, should do so, and do so quickly.
Seattle, Washington (PRWEB) June 24, 2013
In order to help the housing market recover, mortgage rates have been very low lately. They have been as low as 3.5% in recent months and have now started to to increase, to a current rate of over 4.3%, according to an article published by Vail Daily (vaildaily.com) on the 22nd of June. If rates continue to rise, as many predict they will, many homeowners will not be able to refinance, unless they seize the opportunity now while rates are still low.
The reason why rates have been so low is no mystery; the Federal Reserve Bank has been manipulating the market to cause these low rates, in an effort to create better conditions for economic recovery. The way they do this is by purchasing large numbers of mortgage backed securities, supplying money for more people to refinance. As the article by Vail Daily explains, “The Fed appears to be planning a gradual winding down of these purchases, meaning there will be less supply of cash, and those issuing the mortgage backed bonds will have to offer a higher rate of return to attract capital, which means mortgage rates will go up until a happy balance of supply and demand is met between what investors will accept and what borrowers are willing to pay.”
Because the Federal Reserve Bank is slowing its buying, rates are going up, and soon they may be twice what they are now, as they were in the 1990s. Those who want to make their refinance happen, should do so, and do so quickly.
In order to help those who need a hand with their finances, Rate State is proud to present their comparison tool for borrowers. It allows mortgage refinancers to compare multiple lenders side by side. Rate State knows that time is short for those wanting to refinance, so have optimized their comparison tool to search quickly and effectively for the best rates available from many lenders.
About Rate State:
Rate State provides a simple, easy to use web interface to help homeowners and home buyers find the best available mortgage loan for home purchases, and mortgage refinancing. In addition to the Rate State system, the website provides valuable articles and education for home buyers and current homeowners considering a home purchase or refinance.