Knowing where to expect mortgage rates to go in 2009 can save a a homeowner or buyer a lot of money. By getting the lowest interest rate you can, you are saving yourself, hundreds, maybe thousands of dollars in unnecessary interest payments. So predicting mortgage rates can be very beneficial so you know when to expect the best deal, and can jump on it. Here I predict what mortgage rates will do for the remainder of 2009.
First of all, you should know that the lowest interest rates are for homeowners with a very good credit and FICO score, along with the either 20% equity stake in the home, or a 20% cash down payment. Currently, home loan interest rates are around 5.19% around the country. While these are not the lowest they have been, or I think they will be, they are still very good low interest rates that homeowners who are facing foreclosure should use to save their home and refinance or get a loan modification.
Prediction of where mortgage rates will go for the rest of 2009:
Although being 100% sure is impossible, I think I have a good idea what to expect from mortgage interest rates based on some simple observations. I know home mortgage lenders and banks are flooded with refinancing, loan modification and home loan applications thanks to the very low interest rates available through last month. I think rates were recently increased as a response from the lenders and banks to slow down the tide of applications and homeowners looking for help. Around mid October or so look for interest rates to drop to a level somewhere around 4.69% for a national average on a 30 year fixed rate home loan. This will be because of the lenders and banks being caught up with all prior paperwork and hungry for a new round of refinancing, loan modification, and home loans.
By: Michael Petrone
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