Is there a specific time of year that mortgage rates are the lowest?

Unfortunately, the time of year does not have an effect on interest rates. Rates move dependent upon the movement of the Mortgage Backed Securities bond price. The bond price typically moves based on economic data, whether the economy is doing well (causes rates to worsen) or an economic slow down with possibility of recession which causes the bond to rise and mortgage rates to drop. At this time the bond is artificially high due to the Governments buying of Mortgage Backed Securities through the program QE3. As this program nears its end there will be less buying and a greater possibility that the bond price will drop! Standard Supply & Demand at work.Hope this helps.Scott Kinne - First Heritage Mortgage - Fairfax VA - 703-293-6146 NMLS# 182351

Shinne pretty much has it right rates are driven by the economic data that gets released almost daily. Good news on the economy is bad news for rates and bad news on the economy is good news rates. That's why with the economy being so bad these last few years you have seen record low rates. But recently with the FED's use of the QE3 program the rates have been kept at artificially low levels. We are poised to see a major increase if the economy heats up and the FED stops the QE3 program. We are currently starting to see this happen with the recent increase in the rates. If your are on the fence and haven't refinanced yet you may well have missed the low point in the rates. Now is the time to jump. I really don't see them getting back down to those low levels.

No.. the time of year has nothing to do with rates.. its' economic data.. if you watch how Wall Street is doing that's a pretty good gauge.. a good day on Wall Street is a bad day for interest rates, and vise versa.. Even though rates have gone up form the lowest point, they are still really good, and if your thinking about purchasing or refinancing, you need to do it now.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

No.. the time of year has nothing to do with rates.. its' economic data.. if you watch how Wall Street is doing that's a pretty good gauge.. a good day on Wall Street is a bad day for interest rates, and vise versa.. Even though rates have gone up form the lowest point, they are still really good, and if your thinking about purchasing or refinancing, you need to do it now.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Time of year does not have any specific impact. However there are monthly and quarterly reports that may cause various changes to the rates - though there is no way to know in advance what the reports will say, nor which way they will affect the rates.