If you were sitting around waiting for mortgage rates to get better before you refinanced, you may have missed the train. As a result of the initial reaction to the Fed’s commitment to purchase treasuries we have seen mortgage rates climb .25% this week. The sentiment right now from the market is belief in the government’s actions will lead to success with their plan.
I now have 3-5 clients who are sitting and hoping rates come back down so it makes sense to refinance. It will be interesting to see what happens to the markets as QE2 unfolds.