Posted by Bud Bruening Tuesday, August 9th,
Analysts expect mortgage rates are likely to remain low as long as the U.S. is battling a sluggish economy, but the nation could see a slight uptick in rates if Treasury yields edge higher, according to one financial analyst. Greg McBride said it’s unlikely mortgage rates will be an impediment for well-qualified borrowers, because the “weak economy will keep a lid on mortgage rates.” “Mortgage rates are well below 5%. Even with the downgrade, I expect mortgage rates are going to stay below 5% as long as everyone is consumed by economic worries,” he said.
While Standard and Poor’s downgrade of the U.S. debt rating riled financial markets Monday, McBride said mortgage rates are effected more by the overall health of the economy, which is in a state of distress over weak employment data and abysmal consumer confidence. “The downgrade didn’t tell us anything we didn’t already know, we’ve had a barrage of poor economic data and that’s really put the economy front and center,” McBride said.
Mortgage Rates continue to remain at very low levels with all of the poor economic news this week. If you are upside down on your home, have less than perfect credit, there are still options available. Mortgage rates are being driven by all the poor economic news but are also affected by economic speculation. Any news both positive or negative could have a direct impact on your mortgage rate. To ensure that you get the very best mortgage rate in Utah, give the Mortgage Solutions Team a call. We are a local Utah Mortgage company offering free mortgage rate quotes and other valuable Utah mortgage information. Give us a call to find out what we can do do for you.
512 E. Winchester
Murray, Utah 84017
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August 9, 2011 · 9:19 PM