For Citigroup homeowners, and other lenders as well, there is a rise in mortgage rates that has been predicted to be on the way over the last few weeks. Many homeowners had been getting rates as low as 4.75%, but those rates couldn’t last forever.
While Citigroup homeowners that are looking to refinance their home aren’t going to be hit with a substantial increase in mortgage rates they may see a higher rate than they would have a few weeks ago.
Presently, mortgage interest rates are staying around 5%, which isn’t a bad rate for many homeowners looking to buy or refinance. Over the past months when rates were at record lows homeowners were refinancing their mortgage to lock in a lower rate as well as get a lower monthly payment, and since rates are still around 5%, that is still possible.
However, if you are looking to buy a house or refinance your home to take advantage of a low interest rate on your mortgage make sure you are in the financial position to do so. Getting a mortgage rate that is low is something many are looking to do at the present time, but be sure you can make your mortgage payment before jumping into the housing market.