Current Mortgage Rates Predictions – Interest Rates Going Down
Posted: July 12th, 2009 | Author: admin | Filed under: Mortgage Rate Predictions, current mortgage rates | Tags: current mortgage rates, Mortgage Rate Predictions | 3 Comments »Please use Subprime Blogger to get your daily mortgage rates. I also produce a daily column that compares the 10 year treasury rate to current mortgage rates so please check it out.
The current real estate market has been struggling for quite some time; this is nothing new to most of us. The way that President Obama and his advisers are trying put a bottom in the housing market is be keeping mortgage rates extremely low. For the first half of 2009, average mortgage rates have been around or below 5%. Unfortunately we have yet to see data to prove that low mortgage rates are helping the housing market. I will admit that most of the data we do have is several months behind, but it would be helpful to see home prices stabilizing.
With that being said, now is one of the best times in history to buy a new home or refinance your current home. One thing is for sure, the government is not going to let mortgage rates move up very much. Whenever we see a significant move higher in mortgage rates, the Federal Reserve announces that they are going to buy back billions in dollars in US debt on top of what they have already committed.
The Federal Reserve spent $280 BILLION in US debt for the first half of the year. It is very possible that they will spend even more in the second half of 2009. While this is very bad news for the future, see inflation, it is great news for current and future home owners. If you have been thinking about refinancing, now is definitely the time to start doing some research. The first thing you should do is make a mortgage rate prediction on where you think rates are going.
Luckily, I will do that for you every week. Each Monday I make mortgage rate predictions and they have been rather accurate so far. Feel free to look back on some of my past columns and compare them to the mortgage rates survey that Freddie Mac releases each week. With that being said, the mortgage rate predictions for this week are
30 Year Fixed Rate Mortgage – 5.05%
I full expect to see mortgage rates lower this week as the 10 year treasury rate yield tanked last week. We could see a bit of a bounce back early this week, but nothing significant enough to push average mortgage rates higher.
[...] more words or less, the Federal Reserve Bank is going to print as much money as it can to keep interest rates low. Obviously this makes no sense for the long term value of the dollar, but for now, take advantage [...]
[...] more words or less, the Federal Reserve Bank is going to print as much money as it can to keep interest rates low. Obviously this makes no sense for the long term value of the dollar, but for now, take advantage [...]
[...] this weeks earlier addition of mortgage rate predictions I predicted mortgage rates to be at 5.05%. My predictions are based on the Freddie Mac weekly [...]