Uncle Sam's low-rate guarantee

Uncle Sam's low-rate guarantee
Government's moves mean mortgage rates likely to stay down all year

CHICAGO (MarketWatch) -- Don't panic if you're trying to refinance and the process is taking longer than you thought: Conforming mortgage rates are likely to stay low for the remainder of the year, according to the Mortgage Bankers Association's chief economist.

With continued government support, rates should hold at their current level over the next six or seven months, said Jay Brinkmann, MBA's chief economist. That's a welcome prediction for the many homeowners who have had difficulty getting someone on the other end of the phone or have experienced long delays waiting to get to the closing table.

"It's unlike past refi waves, where it tends to be that interest rates take a big drop, but don't stay there very long," he said.
Thank Uncle Sam for that.

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