Rates have been rising in the last quarter of 2010 and speculators on both sides have made predictions about what the rates are going to do moving into 2011. Over the last month and a half, rates have been increasing and while many expected the rise to be due to the election and that they would go back down after the election, they were incorrect. Rate continued to increase throughout November and so far into December. So for those that were considering a refinance mid October, you will now have about .5% higher rate than before.

What does this mean? Well, rates may not be what they were a couple of months ago, they are still generally much better than the rates that many have today. So it is still a very good idea to start an application process as the rate you will get now, is still going to be an improvement, especially those who are looking at having their adjustable rate mortgage mature in the near future. Also, for those who want to see what rates will do, having an approved application, will give you the ability to lock a rate immediately, if rates do go down. Rate improvements, just like rate increases can be temporary and can change frequently.

Last thought; rates are currently still good and even if you choose not to take action, it can be a good idea to sit down with a mortgage professional, such as myself, and review your situation and to evaluate if making any moves as regards to your current mortgage would be beneficial or not.