Time is Running Out to Refinance Cheaper

[flip_it_fast]

I read in CNNMoney that time is running out to refinance your home loan at a cheap rate. Last week the average rate on a 30-year fixed rate loan was 5.09% and that was a pretty decent jump up from the 4.71% that it was just a week before that.

Experts are saying that they will climb higher yet.

"Interest rates are up and they're not going to go down below 5% again," said Mark Zandi, chief economist for Moody's Economy.com, not for a while at least.

cnnmoney

The rates are at a decent low and even if you already have a loan you might want to jump in and refinance to lock up these rates because you might not have the chance for very long.

They say the reason that the rates have stayed low for this long is because the government has been buying up mortgage backed securities but that will come to an end at the end of March.

So, it might be now or never.