| While mortgage interest rates are low, I predict that | | | | market. This plan worked a little too well, and |
| they will get lower. Every little interest rate percentage | | | | homeowners quickly flooded mortgage lenders and |
| counts when refinancing a mortgage, and knowing | | | | banks with applications for mortgage refinancing. This |
| when rates will be lowest ensures you will get the best | | | | was a shock to lenders as they did not expect such |
| deal possible. Here are my mortgage rate predictions | | | | interest. Mortgage rates were increased by .5% to |
| for 2010 and the rest of 2009. | | | | help stop homeowners form applying. This rate |
| With mortgage rates being around 5.19% right now, | | | | increase scared away homeowners who just wanted |
| many homeowners are refinancing or modifying their | | | | to save money, yet was low enough to help the |
| home loans to take advantage. However, if you can, | | | | majority of truly struggling homeowners. Many people |
| wait. I think that around October of 2009, mortgage | | | | took, and are taking advantage of these low mortgage |
| rates will drop by about .5% to 4.69% for a typical 30 | | | | interest rates, and saving money and their home from |
| year mortgage with a fixed rate loan. While this seems | | | | being lost. |
| low, it can really add up, or be the difference between | | | | Predicting mortgage rates is tricky, but I do honestly |
| a refinancing actually saving you money, or just | | | | believe the mortgage rates will drop by about .5% in |
| wasting your time. | | | | October of 2009, and last through April of 2010. This |
| Early in 2009, when the housing market was is its | | | | will enable a lot of homeowners to save even more |
| worse shape, mortgage interest rates were 4.69%. | | | | money when refinancing a mortgage. However, right |
| This is the same rate that I predict will be the average | | | | now, interest rates are still low, and many |
| in October 2009. The rates were so low earlier | | | | homeowners can still benefit from taking advantage of |
| because mortgage lender and banks wanted to help | | | | the low interest rates for mortgages. |
| struggling homeowners and spur interest in the housing | | | | |