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Obama Refinance Plan – Lower Mortgage Rates in 2010?

Posted on | November 26, 2009 | No Comments

The Obama refinance plan was created to help people lower their mortgage interest rate which would end up causing them to pay a lower monthly mortgage payments. The question many borrowers have is our mortgage rates going to continue lower into 2010? No one knows the answer to this but there’s a good chance that this will be the case until at least March.

The federal reserve bank is planning to continue to buy mortgage-backed securities through March of 2010. If this continues there’s a very good chance that we will see interest rates remain at low levels. The Federal Reserve has stopped buying US treasuries but that has done very little to affect mortgage rates as they have continued to head lower.

With this in mind some borrowers may think that it might be a good idea to wait until March 2010. If you continue to wait for mortgage rates to head lower you are risking that the Federal Reserve is going to conclude their purchase program or they could announce the conclusion in the near future.

When the Fed announces when the mortgage-backed security purchase program is going to end there is very little doubt that mortgage interest rates will shoot up that day. No one knows how much they will move higher but there is absolutely no reason to believe that we will not see mortgage rates move drastically when the Fed announces that they will stop this purchase program.

There are many lenders out there who will be more than happy to help you refinance your current home loan. It is up to you to get out there and find a lender who will work for you and get you the lowest mortgage interest rate possible. Please do your research before signing any financial document and make sure you are getting the deal that is suitable for you.

If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an accountof the journey to find peace of mind and happiness in today’s society.

Author: Tiffany Mann

Category: Obama Mortgage Plan

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