Mortgage Rates Forecast - 2010 Mortgage Rate Predictions, Forecasts, and Trends
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Predicting home mortgage rates can be a tricky thing to do. However, we do have some good data to make a pretty exact prediction for home mortgage interest rates in 2010. Here are the mortgage rate predictions for 2010, and how we got to them.
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Earlier in the year, home mortgage rates were at article lows of around 4.69% for a 30 year fixed rate home loan. Some homeowners took benefit and refinanced or bought a home, while a good number of population waited to see if things would get any lower. They did not. In fact, just two weeks ago, home rates increased by .5% or so all over the country. Now, the average rate for the same loan earlier in the year (Fixed rate 30 year mortgage) is at a 5.19% average.
This was improbable though by many people, along with me. Mortgage lenders and banks were flooded with applications from inherent home buyers, and homeowners finding to get a refinance or loan modification. The rates, I suspect, were raised in order to stop the tide of applications coming in, and be able to focus on homeowners truly in danger of losing their house. When rates were increased by .5% homeowners naturally finding to save money stopped applying, anticipating lower rates in the future, while homeowners who are financially struggling and close to losing their home can still benefit from a low mortgage rate like the 5.19% offered, even if it is not the bottom of the year. Many homeowners currently pay 7%-10% in interest rates for their mortgage, and a 4% discount would verily mean hundreds of dollars saved per month.
For the rest of 2009, I predict that around the middle of October, mortgage rates will go back to their 4.69% average. This should last until April of 2010 or so. Then I predict that home mortgage interest rates will jump by 1% to 1.25%. This will be due to a recovering economy, and best mortgage rules and guidelines, which save homeowners from foreclosure, or getting a bad home loan in the first place.
So in 2010, I think mortgage rates will be about 4.69% for a 30 year fixed loan, until about April. Then I predict home rates will jump to as high as 5.94% for the remainder of 2010.
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