With this tough economy, President Obamas housing bailout plan, and all sorts of financial issues happening at once, knowing when you can get the best interest rate would save homeowners and home buyers would save a lot of money. Here are my mortgage interest rate predictions for 2009:
Recently, home mortgage interest rates have increased by around .50% across the board. This is, in my opinion and as I predicted earlier, due to mortgage lenders and banks needing to catch up on the applications that are pouring in from homeowners looking to refinance or modify their home loans. To slow down the flow of paperwork, interest rates were temporarily increased. It is working, and the lenders and banks are seeing a decline in refinancing applications and are catching up on the applications they have already received. Things will not stay like this though.
My prediction for home mortgage interest rates for the remainder of 2009:
I predict that until around October 2009 or so, the mortgage interest rates will remain nearly the same as they are now (5.19% on average for a 30 year fixed rate home loan). After that, I think that the interest rates for home loans will drop, around .5% to an average of 4.69% all across the country. This is due to me thinking that this housing bailout plan will not work out as well as the Government, or the mortgage lenders and banks thought it would. I think it is not working as well as it could be because homeowners are not aware, or taking advantage of the "Making Home Affordable" plan in the anticipated numbers.
So although .5% can add up to a lot of money over the course of a 30 year loan, if you are facing foreclosure, or mortgage default, do not hesitate to get a refinance or loan modification For homeowners facing these problems, a .5% difference will not play a major factor, as saving your home should be a priority.
To sum it up look for interest rates to remain the same as they are now, until October 2009, then look for a slight mortgage interest rate reduction.
|Created||12 Jun 2018|
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