30 Year Fixed Mortgage Rates – Current Mortgage Rate Forecast Cloudy
Posted on | February 23, 2010 | No Comments
The average for 30 year fixed mortgage rates is currently around 4.9% but we have seen some volatility over the last few weeks. This makes the current mortgage rate forecast cloudy as mortgage rates have been low but they could move up in the very near future. In fact, many analysts have predicted that 30 year fixed mortgage rates are going to move higher starting in the spring of 2010.
A chief economist at Morgan Stanley has predicted that the 30 year fixed mortgage rate could move all the way up to 8%. While this is a bold prediction there are strong signals that state that mortgage rates could move up at least one full percentage point by the end of March 2010. This is when the Fed plans to stop purchasing mortgage backed securities.
With the Fed concluding this purchase program there is a very good possibility that we are going to see higher rates. Every indication is that this program will conclude at the end of March so you might want to do your research and take advantage of the current low interest rate environment at the present time.
Most mortgage lenders are currently advertising low mortgage rates so it should not be difficult to find a lender in your area. With the current mortgage rate forecast being cloudy it might be a smart decision to go ahead and contact your lender today and get pre approved for a mortgage rate.
Author: Heather Best
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