Current Mortgage Interest Rates and Predictions For 2009 [mortgage-solutions.blogspot.com]
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Here are my mortgage rate predictions for 2009. Always remember though that this is a prediction and that no one know 100% for sure what will happen. However, there is some good information out there to make a prediction from. With that said, here are my home mortgage rates predictions for 2009.
Refinancing or getting a home loan modification at the lowest interest rate is the best way a homeowner can save a lot of money every month on their mortgage. Earlier in the year, homeowners flocked to take advantage of a 4.69% mortgage rate and refinance or modify their mortgages. A lot of homeowners pay 9% or more in interest rates, and the rate offered earlier in the year was a great chance to save a lot of money. Recently though, a .5% increase in mortgage rates was enabled. I thought this would happen as a result of banks and mortgage lenders being overwhelmed with paperwork and customers looking to save their home from foreclosure, or take advantage of the ultra low interest rates.
The paperwork quickly piled up, and the rates were increased to help curb the flow of mortgage refinancing and modification applications. Increasing the rates by .5% stopped homeowners from applying unless they were truly in need of saving their home. I think though, and this is where my predictions begin, that mortgage rates will drop to their prior lows, and soon.For mortgage rates in 2009, I predict that the current mortgage rate of 5.19% will be reduced by .5% to match their prior lows of 4.69% for a 30 year fixed rate home mortgage. I think that this will happen around the middle of October this year, 2009. These rates should last until about April 2010. The rates will be lowered due to mortgage lenders and banks being ready to take on new customers and refinancing or mortgage modification applications.
If you can, I think you should wait to refinance or get a modification until the middle of October of this year, and see where the rates are at.
However, if you are facing financial hardships, or are in danger of losing your home, take action now. Recommend Current Mortgage Interest Rates and Predictions For 2009 ArticlesQuestion by SESTATES: What is the average current interest rate for mortgages right now. is it above 6% for a 30 year fixed? I was looking to buy a home soon and I was not sure if interest rates were really low right now like in the 5% range. If I were to get a 30 year Fixed rate what do you think the industy norm would be on interest. I am guessing 6.5% give or take. Any help would be appreciated. TY Best answer for What is the average current interest rate for mortgages right now. is it above 6% for a 30 year fixed?:
Answer by tampabaycreditdoctor
Interest rates are regional or specific to markets. What might be 6.5% in Cleveland, could be 6% in Orlando. I priced 5.875% in Florida earlier today. My opinion, going to get better real soon.
Answer by secret society
5.79% for a fixed term or 5 yrs and amortised over 35Years.
Answer by operababe_61
Today I saw 5.5% for a 30 year conforming loan (under $ 417,000) with good credit.
Answer by Horserider75
I was just on Bankrate.com. They're a great site to check daily and there's a ton of info to really educate you regarding the different types of loans that are available and much much more. The current rate on a 30 yr. fixed is 5.88% with good credit, of course. Good luck.
Answer by Kat
It all depends on how much of a down payment you are going to put down. A confroming (under $ 417,000) 1 st mortgage at a 80% LTV (loan to Value) That means at least 20% down is currently at 5.75% par in California. Par means there is no rebate so all the closing points and costs would need to be paid up front. You need a minimum of a 700 score with full documentation ( no stated income) and a debt ratio of under 45% to get that. There are tons of variables. You need to be more specific. It is impossible to quote a rate unless we know LTV, type of loan, income type (self employed of wage earner), debt ratio (monthly income verses monthly bills), length of loan time, type of porperty, SFR, Manufatured Home, Mobile, Investment, Owner Occupied, etc etc.
Answer by saeed q
For Average Weekly Rates Nationwide: http://www.freddiemac.com/ Also keep the following in mind: A lot people giving advice are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL! Remember Buddha's advice: "Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (its not advice, its advertising). Don't buy "it."
