Individuals looking to get a bad credit remortgage will see rates easing slightly from last week, with rates dropping slightly. However, it remains to be seen what effect, if any, the controversy over Ben Bernanke will have on mortgage rates this week. If an individual is considering a bad credit remortgage, one might try to lock in the rate to beat the rush if Bernanke is not reappointed as the Fed Chief.
We believe that if Bernanke’s reappointment is voted down by the Senate, that rates could rocket upwards. Bernanke has been a solid promoter of the low rates that borrowers are seeing on bad credit remortgages.
This will be an interesting week on the Hill.
Author — Thomas McSteen
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