Nowadays the mortgage interest rates are very low compared to previous years when it was around 6 to 7 percent.
Predicting mortgage rates when you need to get a mortgage or apply to get refinancing is not that simple and easy to accomplish.
While mortgage rates at the moment are predictably low, you can never tell when it is going to go up or go down.
The present mortgage rate is around the 5.
20percent range in some areas or states and provinces in Canada, you can still find fixed rate at 4.
7 percent.
Now there are some indications that the prices of some commodities and energy is rising so the inflationary forces are there now.
And when inflation goes up so are the interest rates that the Central banks or the Federal Reserve charge for banks when they borrow money.
It is an excellent opportunity for homeowners would like to remortgage or get refinancing to avail of the low borrowing cost at the present time.
Some people and expert in the industry are predicting that the borrowing cost will soon rise if there is inflation.
Some quarters are beginning to predict the rates will rise soon and that the low cost borrowing will not last very long.
So it is a perfect opportunity to get your mortgage refinance now rather than later.
There are many elements and factors that affect the predictions of mortgage rates, such as the commodity prices, energy and oil prices as well as the mortgage industry itself plays a big role on how the cost of borrowing is determined.
Thus predicting mortgage rates is like playing cards and sometimes you win and sometimes you lose.
Having said all that, it does not mean that you cannot have a rough idea as where interest rates go.
You can almost always predict what it is like in the next 6 months or so but not for the long period of time.
So it is better to get mortgage refinancing when it is very low and the way it is right now is one of the best time to do that.