No one can ever be absolutely sure in which mortgage rates will be heading in 2009, but the majority of economists believe that it will either drop or remain the same in the coming year. In mid-January, interest rates fell to an average of 5.01%, the lowest since it has been monitored in 1971. United States is officially in a recession and we have already seen a steep Home price drops, and a lower 30-year fixed rate. But just because mortgage rates can be soaked lower, does not mean it will be easier to get a loan.
Lenders now require comprehensive documentation and a high credit score for competitive low interest loans. You probably should also be as high as a down payment of 20%. It is estimated that 30-year fixed mortgage rates in 2009 starting around 5.0% and ends around 6.0%.The current Government aggressively passes legislation to buy toxic assets from mortgage Giants and encourage them to offer low-interest loans to borrowers. This is an excellent opportunity to refinance your home and reduce your monthly payments by receiving a lower interest rate.
Unfortunately, not everyone will qualify to refinance their homes.Lenders require adequate Home equity, and an excellent credit score to refinance for a lower interest rate.Interest rates will fluctuate between five and six percent in 2009. a serious drop or rise is not expected in 2009. If the deciding to refinance your home, you must use a refinancing Calculator to calculate the cost of an application versus cost advantages.
Wants more information about mortgage loans rate predictions?
Find out how Mortgage Rates will heading on the home loans Encyclopedia.
http://homeloanencyclopedia.com is a free resource for anyone looking for a personal loan or see to learn more about mortgage loans in General.
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