Home Mortgage Refinancing the Right Way

Mortgage Rate Predictions for 2009. Their is no doubt that the rough economy and the unstable housing market play a huge role in predicting home mortgage interest rates for 2009, however it is possible to come up with a good idea as to where the rates are headed. Here are some good ideas as to where mortgage rates should head for 2009.

Everyone is wondering where mortgage rates will go throughout 2009. Currently, mortgage rates are at a near all time low. In many markets, the mortgage interest rates are under 5% for a fixed rate 15 year mortgage. However, the only homeowners who can take full advantage of the lowest of the low rates have a FICO score over 700 and 20% to put down on the mortgage. Refinancing yo can expect a rate around 5.25% if you have good credit and good finances. Even with what I said above, many homeowners will be able to benefit financially from a mortgage refinance.

Mortgage Rates: 2009
Although nobody can be 100% sure where the rates will go, I do like to think I have a pretty good idea. I predict that due to refinance applications currently coming to lenders offices at record paces, that mortgage rates will temporarily increase. This is due to mortgage lenders being back worked from processing all of the paperwork coming in. While the temporary rate increase goes into affect they will be able to catch up on paper work and realize that they we're a lot busier with the lower rate being advertised. Over all I predict that home mortgage rates for 2009 will take a temporary .5% increase followed by steady steep declines throughout 2009.

It is generally a good idea if you are looking into refinancing to do it now. Get a locked in quoted rate on paper and you can potentially save hundreds of dollars per month.