Mortgage Interest Rate Predictions [mortgageprotectiontips.blogspot.com]
Shaun Donovan, United States Secretary for Housing and Urban Development, answers your questions on President Obama's homeowner refinancing proposal that aims to make it simpler for millions of homeowners around the country to refinance their mortgages and save hundreds of dollars each month. www.whitehouse.gov
mortgageprotectiontips.blogspot.com Ask An Expert: Why Am I Locked Out Of Refinancing Just Because My Mortgage Isn't Backed By A GSE?
Mortgage interest rates payable by consumers remained largely unchanged in May, but are still lower than the eurozone average, according to the Central Bank. Mortgage interest rate unchanged
While it is impossible to be 100% accurate, I do think there is some good information to work with and predict mortgage rates for the rest of 2009. Here are my mortgage rate predictions for the remainder of 2009, a few months into 2010, and how I made them.
Most people who own homes know that even a little bit difference in the interest rate percentage, can mean a big difference in payments, and the total cost of owning the home. Earlier this year, mortgage rates were at historic record lows of around 4.69% for a typical 30 year fixed rate mortgage. That rate stayed the same until about 2 months ago when it increased by about .5% to 5.19%. This rate increase was expected by me, and was due to the large demand from homeowners for refinancing and home loan modification. This demand was brought on by the low rates, the high number of people in bad mortgages, and the Obama housing plan.
The combination of these 3 things led to a huge amount of paperwork from homeowners looking to refinance or get a home loan modification, and led to a large amount of work. As a response to slow the applications, the mortgage lenders and banks raised rates a little. These rate increases were small enough to still help a lot of homeowners, but were enough to hold off a lot of other homeowners just looking to get a better interest rate.My Mortgage Rate Predictions for 2009:
I think for that home interest rates will drop again later this year. I predict that mortgage rates of 4.69% for a 30 year home mortgage will be here once again. I think that this will happen sometime around October and will last until April of 2010.
The rates will be lowered because the mortgage lenders and banks will be ready by then to take on a new crop of customer applications. This means that homeowners who can wait, stand a better chance of getting a better deal on their refinancing or home loan modification. Find More Mortgage Interest Rate Predictions Issues
