Will interest rates on mortgages start to go up?
With interest rates at an all time low, do you think they will start to go up or down. And please expalin why.
Ok so you might find the next few links interesting. These are from around the web, just random snippets that I’ve picked up in my reading, but I found some very cool information in them. You might too. Here goes…
Find Low Rates: Informa Research Services Says Look Online to Find Mortgage …
CALABASAS, CA–(Marketwire – November 19, 2009) – This week, mortgage rates have taken an unexpected dip with the national average APR on a 30-year fixed … Read More…
… data highlight the fragility of the housing market, which has been propped up by the tax credit and the Fed's efforts to push down mortgage rates. … Read More…
Expect tightening from the FHA
Ed Pinto, who served as Fannie Mae's chief credit officer in the 1980s and is now a mortgage industry consultant, said the FHA needs to move to a 10 percent … Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.
Getting the lowest interest rates possible makes a refinance more beneficial for a homeowner. Mortgage rates have been low most of the year. However, I predict things will change in 2010. Here are my mortgage rate predictions for the rest of 2009 and 2010.
While the housing market is in bad shape right now, mortgage rates are low to encourage activity in the market, and help homeowners save their home from being lost. With rates as low as they are, homeowners can usually refinance their mortgage into a better, cheaper, more affordable monthly payment. This helps prevent the housing market from getting worse, and spurs activity and interest in existing home loans, and for new home buyers. However, I do not think the housing market will get any worse than it is right now, and that is why my mortgage predictions for 2010 call for an interest rate hike.
While this mortgage rate increase will not be major enough to seriously discourage homeowners from getting refinancing, they will be noticeably higher. Right now, a typical fixed rate mortgage can be had for around 5.15%. This rate is extremely low, and not too much higher than the lowest rates have been all year. However, I believe that around April of 2010, things will change, and interest rates will rise slightly. I predict that mortgage rates in April of 2010 will rise to around 6.2% due to a recovering housing market, and a promising economy. These mortgage rate increases will represent progress being made in stabilizing home values for homeowner everywhere across the country. Although it seems small, this would represent a lot of money over the course of a home loan.
Homeowners who can, should take advantage of the lowest mortgage interest rates possible when they decide to refinance their mortgage. In my opinion that time is right now, as I predict interest rates to rise. However, each homeowners situation is different, and the time to take action may be too. While there is no proof mortgage interest rates will rise, the housing market has pretty much bottomed out, meaning the only way to go is up. Decide for yourself what is best, but these are my mortgage rate predictions for 2009 – 2010.
At my site I will teach you how to properly refinance or modify a home mortgage saving you thousands of dollars, or even your home. A lot of Greedy Mortgage Lenders will try to suck you dry if you let them. Learn the right way to refinance or modify your home loan at my site: http://www.refinancingcondo.com
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