2009 - 2010 Mortgage Rate Predictions [mortgageinsuranceguide.blogspot.com]
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But BMO mortgage expert Laura Parsons urged prospective home buyers to choose fixed-rate mortgages, which are also near record lows. “While interest rates have been at historic lows, the inevitable climb will happen,†said Parsons. “Choosing a fixed ... BMO economists predict low interest rate until July 2013
Mortgage rate predictions for 2009 can be a little tricky to predict. However, we do have some solid information to use and make a good prediction from. Here, I will predict mortgage interest rates for the rest of 2009, and a few months into 2010.
Mortgage interest rates earlier in the year were around 4.69% for a typical 30 year fixed rate mortgage. These represented the lowest interest rates of the year, and homeowners jumped at the chance to refinance or get a home loan modification. When they did, mortgage lenders and banks quickly became flooded with applications. As I expected, the interest rates were increased by .5% or so just after the rush of refinancing and loan modification applications came in. I think that the rates were increased to their current average of 5.19% in order to give mortgage lenders and banks a chance to catch up with all the paperwork.
This small interest rate increase made homeowners just looking to save money pause, while it still was low enough to allow a lot of homeowners a chance to save their home from foreclosure, or themselves from defaulting on their mortgage.This is where my prediction comes into play. I predict that sometime around the middle of October 2009, mortgage interest rates will drop by .5% to their prior lows. This will be around the time mortgage lenders and banks are ready for a whole new wave of homeowners looking to get a refinancing or mortgage modification. I think these rates will last through April of 2010. If you can, wait, if not, take action now. The longer you wait, the worse the financial problems will get.
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