| Right now, many homeowners are considering | | | | than interest rates were just 5 years ago. This has led |
| refinancing their mortgage. The one thing that all | | | | to many people getting a refinance for their home loan. |
| homeowners want when refinancing is a low interest | | | | However, I do not think the rates will remain the same |
| rate. Right now, interest rates are near all time lows, | | | | in 2010 for homeowners looking into refinancing. |
| but I think that will change. Here are my mortgage | | | | I think that in 2010, mortgage refinance rates will go up. |
| refinance rate predictions for 2010. | | | | While not dramatically, especially at first, homeowners |
| Throughout 2009, mortgage interest rates have been | | | | will definitely notice, and some may not be able to |
| very low. This was due to a few factors. The housing | | | | benefit from a refinance after the rates increase. I |
| market was in a downward spiral, and need help. | | | | think that around April 2010, interest rates will rise |
| Many homeowners got into ARM (Adjustable rate | | | | about.5%. While not a huge increase, it is a lot in the |
| mortgages) which they need help with. Also, new | | | | long run of a home loan. Also, I think rates will increase |
| Government programs are out which can help millions | | | | again, by as much as an additional.5%, closer to |
| of homeowners. This has led to an all time high number | | | | August 2010. This would bring the total mortgage |
| of foreclosures. This is why interest rates remained | | | | refinance rate to as high as 6.19% by September 2010. |
| low throughout 2009. | | | | That is a 1% increase from the current rates. |
| While the rates are as low as they are, many | | | | I think that this will happen due to increased activity in |
| homeowners can take advantage and refinance their | | | | the housing market, and small improvements in the |
| home loan. This can result in huge savings in monthly | | | | overall economy. The better things get, the higher |
| payments and even more over the course of the loan. | | | | interest rates will go. I also think that the housing |
| Also, this may be the only way a homeowner can get | | | | market has bottomed out, and recovery will start soon. |
| an affordable home loan, and save their home from | | | | This will cause a boon in the housing market, and |
| foreclosure. | | | | restore homes market values. As a result, interest |
| Right now a typical interest rate for a fixed mortgage | | | | rates will rise, and homeowners will pay thousands |
| refinance is around 5.19%. This is dramatically lower | | | | more over the course of a home loan. |