The interest rate on your mortgage loan is likely to go up very soon, as the 10 year T-note is heading up. While the interest rate on your mortgage loan may be little more than a gimmick, it does have a very real effect on your bottom line. And mortgage loans often follow the rate offered for the 10 year Treasury note. This means that as the T-note rate moves up, so do mortage loan interest rates. Inman News explains the current situation:

Two weeks ago, the 10-year T-note traded
under 4.65 percent; yesterday it touched 4.9 percent. Mortgages — as
always, following the 10-year in lockstep — were trying to break 6.25
percent going down; now they are trying to hold 6.5 percent while going
up.

If you have a fixed rate mortgage loan, this isn’t going to be that big of a problem. If your mortgage loan is on a variable interest rate, however, or if you are looking for a new home mortgage loan, then you could be in trouble.

Tags: mortgage loans, personal finance, financial planning, finances,
financial goals, home mortgage, mortgage loan, mortgage loan interest rates