Fixed rate mortgages have experienced low interest rates for months and many people have, typically, locked in a low mortgage rate on 30-year fixed rate mortgages because it brings with it a low monthly mortgage payment, which has been needed by many in these tough economic times.
However, there are reports that interest rates on mortgages are going to be on the rise as April moves along, which could bring problems for those looking to refinance at a low rate. Yet, currently, rates remain around 5%, which is a great rate for many homeowners looking to buy or refinance.
Homeowners that have been struggling in their finances have been able to refinance to a lower mortgage rate, get a lower monthly payment, and make their home loan payment more affordable from month to month.
There is no guarantee that mortgage rates will rise or and certainty in how much they will rise, but many say that since rates have been so low there are few other options. Many are keeping watch to see what may happen with mortgage rates over the coming weeks, but at the current time those who can afford to do so are able to still get a great rate on a home mortgage loan.