2010 Mortgage Interest Rate Forecast, and Prediction
Mortgage refinancing is extremely popular right now due to near record low mortgage interest rates and new Government housing bailout programs
. Millions of people will benefit by refinancing now and avoiding the mortgage rate increase I predict to happen later in 2010. Here are my mortgage interest rate forecasts and predictions for 2010, and how I made them.
Right now the housing market is in terrible shape and over $75 billion from Obamas stimulus plan is being used to keep interest rates low and provide mortgage refinancing options to nearly every homeowner. These mortgage refinancing options are available to homeowners with bad financial problems and are designed to lower the monthly home loan payment to an affordable level. This means that a lot of the stimulus plan is being used to keep mortgage rates low in general, and this makes refinancing a mortgage for anyone a very good thing to consider.
Also, since the housing market is in such bad shape, interest rates had to stay low to provide some market stability. Now though, I believe that the housing market has seen its worst days, and things will get better in 2010. This means that mortgage rates will rise. I think that around April
mortgage interest rates will rise, and continue to do so throughout the year. I predict that when all is said and done, mortgage interest rates will be around 6.70% as opposed to the 5% they are now for a typical 30 year mortgage.
A small 1.70% rate increase seems insignificant, but in reality it will eliminate the benefits that
refinancing a mortgage will have for some people. This rate increase also means that anyone who does refinance will end up paying more for their home than if they were to refinance now, regardless of their financial situation.
Homeowners should refinance a mortgage now and avoid the possible rate increases I predict will happen. Do not let the rates rise before you take action, save yourself money and refinance now.
2010 Mortgage Interest Rate Forecast, and Prediction
By: MPetrone
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