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Mortgage Rates Will Continue Lower, But…

Posted on | January 5, 2009 | 6 Comments

…can you lock it at these historically low rates?  Please vote in the poll below:

With the US Treasury doing everything possible to stimulate the housing market and the troubled economy it is likely that mortgage rates will continue lower.  How low?  No one really knows that answer, but lower seems to be the case.  Even though rates are headed lower, the ability to lock in at lower rates is extremely difficult.  A solid credit score and financial stability are a must to even be considered for these low rates.

Also, the value of your current home is a sticking point for many borrowers as the appraised value is not exactly what the current value actually is.  This is not the case in every market, but is definitely an issue that needs to be considered when filling out that mortgage application.  Even though rates are likely to continue lower, the inability to access these rates may ultimately lead to a much longer downturn in the economy then expected.  Are more defaults on the way due to this scenario?  That will be discussed in a future article, so stay tuned.

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Category: Uncategorized

Comments

6 Responses to “Mortgage Rates Will Continue Lower, But…”

  1. Mortgage Rates Will Continue Lower, But…
    January 5th, 2009 @ 6:24 pm

    [...] Random Feed wrote an interesting post today onHere’s a quick excerpt…can you lock it at these historically low rates? Please vote in the poll below: <a href =”http://answers.polldaddy.com/poll/1249997/” >Will You Be Able to Lock in at these Low Rates?</a> <br/> <span style=”font-size:9px;” mce_style=”font-size:9px;”&g [...]

  2. Jawad
    January 6th, 2009 @ 6:28 am

    The whole system of paper money is fraudulent, who know when it collapses!

  3. Dr. Maxx Dredmon
    January 6th, 2009 @ 7:01 am

    Yea right,….. lets give hundreds of billions of dollars to these companies so they can lend it to us, so we can pay it back to them, and the gov with higher taxes that have already paid them back for all of the defaulted loans they have on their books ,that they are reporting as ‘paid in full’. You won’t get that 4.50 loan because you paid your cell phone bill a month late in 1995, so you’re high risk. All these attempts at keeping home values whre they are will fail. They must come down another 25%. The gov must lend the 700 billion directly to the people with th condition that the money be used to consolodate debt and refinance it. Everyone wins this way, and yes the banks will re-value these property’s, but they are far more likely to stay higher in this method than any other. We must start at the bottom. Those who do not get a “loan out” can apply for a tax rebate after 2 years and get their tax increase back with interest or leave it in as a gov bond and continue earning interest on it. Those who do get “loan out’ cannot get the rebate on the tax increase. The presure on congress NOT to adopt a simple plan like this must be a ” life and death ” matter. The consolodation of wealth at the top is a ” better to rule in hell than to serve in Heaven” mentality. Keep trying banks! Getting all your loans paid off by the gov and then increasing foreclosures to re-sell was a good idea at first, but no one rushed in to fill the vacum,! My plan is a win win but it does dilute the wealth among existing lenders. Banks want to be like airforce defense contractors, 3 players and 9 contracts, tsk,tsk,tsk, and it looks like their getting their way.

  4. Subprime Blogger » The “Great Refi Boom” of 2009? A Must Read!
    January 8th, 2009 @ 8:43 pm

    [...] Mortgage Rates Will Continue Lower, But… [...]

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  6. Subprime Blogger » Senator Dodd is Refinancing; What Rates Will HE Get?
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