Ever since the November presidential election, we heard all of the catchy phrases which meant mortgage rates are going up… “Trump Bump”, “Trump Trade”. The benchmark, 10 year US Treasury yield has moved from 1.78% pre-election to as high as 2.60% in less than 4 months.
Then, April came… Now fears of the “Trump Trade Fade”, and the “Trump Bump Dump” have really just normalized the rate movement to more sane levels. Add some global uncertainty, and that’s how we have seen a great amount of downward movement in mortgage rates in April, and it’s happened without much notice.
Translation for the homeowner – With this recent drop in rates, how would refinancing benefit me?
– You have a rate in the 4’s with mortgage insurance on a 30 year or in the 3’s on a 15 year.
– You have any other consumer debt where consolidation makes sense.
– You may have seen your credit card rates and other lines of credit increase recently due to rate increases by the Federal Reserve which act independently from mortgage rates.
Again, as always, if you ever want to find out if a refinance makes sense for you — that conversation is always FREE!