CNC Mortgage Blog

Mortgage interest rates have climbed again to levels that are still good but are very good considering historical levels. Today’s rates are close to 6% on a 30 year fixed mortgage, 5.25% on a 15 year fixed loan. They are not as good as the 5.125% 30 year loan that was available on January 23 for about 20 minutes.

I don’t think rates are going to be coming down any time soon. The banks are flooded with refinancing applications.

This drop in rates just got people to relook at their present situation and take advantage of close to historically low rates.

People should look at the conditions of their adjustable rate mortgages and study if it makes sense to get a fixed rate mortgage.

Unfortunately the spread that banks are charging for no closing cost loans usually makes the no closing cost option too expensive.