Each Wednesday, experts and Bank Rate analysts try to provide insight as to whether mortgage rates will go up or down over the next week. I’m hoping they are right as I am still holding out for a better rate.
This week (Feb. 19 – Feb. 25) the experts say: Mortgage rates will most likely fall, or at worst stay flat.
I’ve been looking for the best deals on mortgage refinance rates for some time now and came across what I thought was a good deal. Indy Mac has a page on their site that mentions their teaming up with American Express to allow you to earn rewards points / cash back by paying your mortgage with your AMEX card. I was very tempted this morning when I saw the 30yr fixed rate a 4.875% with 1.2 points to set this up with my American Express Cash Back card which pays 5% cash back at Gas stations and grocery stores and 1.5% cash back at all other stores.
Unfortunately, when I called Indy Mac, they explained that American Express decided to cancel this program and they are no longer offering this to their custsomers. It would be nice if Indy Mac would remove this offer from their site since it was the main reason I called them for a rate quote in the first place.
Here were the rates for Indy Mac on Wednesday in Wilmington, DE. I’m posting this primarily so I can remember tomorrow morning when they change the rates what the previous days rates were for me. I’m really hoping to get a 30yr fixed rate mortgage with little / no points for 4.75% or less. I had one but as you all know Provident Funding decided they did not want to honor it and came up with a bogus reason why they did not fund the loan. Currently the best Indy Mac is offering this week is 5.0% with a little over half a percent. According to a recent article on BankRate most believe the rates are going to come down again a bit over the next month…I sure hope they are right!