If you have been waiting for even lower mortgage rates before you decide to refinance, it looks like the wait may be over. Actually, it looks like you may have missed the bottom. 

Should I Refinance My Mortgage?

Mortgage rates went up by as much as 1 percent on Wednesday and it looks like it will continue to come up, frustrating many homeowners who were waiting for rates to come down some more. It looks like that the record lows that were recorded last month have long gone.

With the stock market rallying for the past two months and early signs of economic stability that the Federal Reserve has been trumpeting, it looks like mortgage rates have started a sharp rebound. This worries some economists as concerns are growing about the loss of value in some assets that are currently being backed by the government. The increasing mortgage rates could also slow down the refinancing market and the purchase of new homes.

The 30 year fixed mortgage rate is back at 4.91, according to Freddie Mack, up from about 4.78 in April. Low rates like this caused a surge in new mortage applications for both new homes and home mortage refinancing. Mortgage acrtivity for the week is down 14 percent and refinance applications were down 19 percent for that same week that ended May 22, according to the Mortgage Banker’s Association.

Too bad for some of us. Tsk.

Related posts:

1. Mortgage Applications Rise – First Time Three Weeks

2. Fixed Mortgage Rates Drop

3. Mortgage Rates Climb – More Aid for Homeowners

4. March 13 – Mortgage Rates Ease Further

5. Mortgage levels falling June 2010 rates