Bad Credit Mortgage Refinance – Low Mortgage Interest Rates in January 2010
Posted on | December 23, 2009 | No Comments
Going through the bad credit mortgage refinance process is something that many Americans will do in 2010. Many of these homeowners will look to find low mortgage interest rates but will this be a possibility when 2009 is in the past? President Obama and his staff continue to work with great effort to keep interest rates low but how much longer can we expect the Federal Reserve Bank to push mortgage rates lower?
Unfortunately no one knows the answers to these questions but those who work in the Fed and for the government. Ben Bernanke has made many statements that the mortgage backed securities purchase program is going to end by March 2010 but that could change at any time. Many analysts, including Bill Gross, feel that mortgage interest rates are going to move up at least .5% to 1% when this purchase program concludes.
WIth that in mind it would be a very good idea to go ahead and get your mortgage refinance application submitted before the first quarter of 2010 is over. If you continue to wait in hopes that mortgage rates will fall you might risk missing out on refinance rates below 5%. Do not let this opportunity that has been created by President Obama and the Federal Reserve Bank pass you by.
There are many mortgage lenders that are currently offering mortgage interest rates well below 5% so it would be a smart decision to contact these lenders and attempt to qualify for a low refinance rate. The worst thing that happens is you are told that you do not qualify for the rate you desire. You will be out of a few hours of filling out paperwork but that is about it so why not give it a try.
Author: Alan Lake
Comments
Leave a Reply