| Here are my mortgage rate predictions for 2009. | | | | mortgage refinancing and modification applications. |
| Always remember though that this is a prediction and | | | | Increasing the rates by .5% stopped homeowners |
| that no one know 100% for sure what will happen. | | | | from applying unless they were truly in need of saving |
| However, there is some good information out there to | | | | their home. I think though, and this is where my |
| make a prediction from. With that said, here are my | | | | predictions begin, that mortgage rates will drop to their |
| home mortgage rates predictions for 2009. | | | | prior lows, and soon. |
| Refinancing or getting a home loan modification at the | | | | For mortgage rates in 2009, I predict that the current |
| lowest interest rate is the best way a homeowner can | | | | mortgage rate of 5.19% will be reduced by .5% to |
| save a lot of money every month on their mortgage. | | | | match their prior lows of 4.69% for a 30 year fixed |
| Earlier in the year, homeowners flocked to take | | | | rate home mortgage. I think that this will happen around |
| advantage of a 4.69% mortgage rate and refinance or | | | | the middle of October this year, 2009. These rates |
| modify their mortgages. A lot of homeowners pay 9% | | | | should last until about April 2010. The rates will be |
| or more in interest rates, and the rate offered earlier in | | | | lowered due to mortgage lenders and banks being |
| the year was a great chance to save a lot of money. | | | | ready to take on new customers and refinancing or |
| Recently though, a .5% increase in mortgage rates | | | | mortgage modification applications. |
| was enabled. I thought this would happen as a result of | | | | If you can, I think you should wait to refinance or get a |
| banks and mortgage lenders being overwhelmed with | | | | modification until the middle of October of this year, |
| paperwork and customers looking to save their home | | | | and see where the rates are at. However, if you are |
| from foreclosure, or take advantage of the ultra low | | | | facing financial hardships, or are in danger of losing |
| interest rates. The paperwork quickly piled up, and the | | | | your home, take action now. |
| rates were increased to help curb the flow of | | | | |