Despite the Federal Reserve’s campaign to lower Nashville mortgage rates, Freddie Mac reports a jump in the 30-year fixed rate to 5.25% in the week ended February 5 from 5.10% the prior week. Experts say home-loan interest is on the rise because long-term Treasury bond yields have climbed and because mortgage lenders are upping rates to ease the flood of refinancing applications.
Maybe it is just me, but maybe these lenders should appreciate the fact that consumers are willing to refinance with them at all. Refinancing your mortgage can stave off foreclosures, auctions and general price decline. I thought that they were in the business of protecting their investments…hummm, maybe your lender is the problem and not your home.
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