government bond yields topped 3% for the first time in more than four years The
10-year yield is a barometer that influences borrowing costs for consumers,
corporations and state and local governments. Mortgage rates are tied to this
and have reached almost 4.5% see this article from Government backed funding
source. http://www.freddiemac.com/pmms/ great
My concern is that the Home affordability index will
lesson with higher rates = higher payments and the housing values will slow if
not even drop in value. This could trigger another financial situation as so
much of the economy is tied to housing.
Many people are refinancing to get cash out for
improvements to there existing homes rather than buying new ones or paying off
debt to free up cash flow for other investments or simply converting there
adjustable rate mortgage to a fixed wile rates are still low.
I would be happy to discuss any and all options or
concerns you may have.
OR Price your own
loan http://www.firstcaliforniafinancial.com/CaliforniaMortgageRateSheet and give me a call for a custom quote..