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First Rate Funding Article – No Better Time for Home Mortgage Refinancing Mortgages rates remain in the same range they’ve been in for weeks, although nearer to the low side of that range today. If Home Owners are interested in refinancing their mortgage there is no better time than now to start the shopping process. Technically speaking the market phenomena driving rates microscopically lower are paradoxically the absence of market phenomena. The securities most directly responsible for mortgage rates, MBS, like it when things are calm and predictable in fixed-income markets. When a benchmark of those fixed-income markets such as 10yr Treasuries manage to trade no higher than yesterday’s highs and no lower than yesterday’s low’s (what markets participants might call an “inside day”), there’s a good chance MBS will outperform, as they have today. New York mortgage rates have remained within .375 of par for the past five to six months however, .375 can make a substantial difference in monthly payment when you are dealing with a large or jumbo mortgage. This is why it may be a great idea to work with a mortgage loan specialist in NY that will track market trends and give the consumer much needed advice on when it may be best to lock in an interest rate or float the interest rate. Today’s Best –Execution Rates: • 30YR FIXED – 4.0%, increasing amount of 3.875’S. • 15YR FIXED – 3.75%-3.5% • 5 YEAR ARMS – low 3% range, huge variations from lender to lender. • FHA/VA – 3.75% - 3/875% Generally speaking, in a fundamental sense, we’re all aware of the fact that the European drama continues to help domestic bond markets. Technically, it’s impressing to see that mortgage rates have been this flat for this long. Refinancing rates in New York remain stable and if the consumer can benefit from premium pricing offered by certain lenders then this may be the best time to consider refinancing. First Rate Funding located in New York can be helpful in offering mortgage specialist who can assist with determining the likely of interest rates lowering or trending higher and they can also make consumers aware of which lenders offer premium pricing. First Rate Funding Corp is a mortgage broker Albany, offering home mortgage refinancing services to individuals and families in a comfortable, relaxed, and hassle-free manner.
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