Jul 15, 2009
Interest Rate History Predicts the Future of Average Mortgage Rates
There is a great article at Subprime Blogger about Interest Rate History. From the article:
Overall, interest rate history shows that low mortgage rates are definitely ahead of us. If you have been considering refinancing, now is the time to start doing the research so you will be ready when mortgage rates go below 5%. If you aren’t willing to take the risk of waiting, now is also a great time to get a refinance. There is nothing wrong with refinancing at a rate near 5%.
It is going to be very interesting to see if this is the case. I think it will greatly help the housing market and overall economy if interest rates do go under 5% but I am not sure it is extremely likely. Some of my good friends feel the current interest rate chart has rolled over and we have put a bottom in overall mortgage rates. They basically feel that we are going to see mortgage rates move sideways before heading higher.
I truly hope this does not happen, but there is a good chance. Several analysts on CNBC and Fox Business have made the statement that mortgage rates are going to go higher. If mortgage rates do go higher, what do you think will happen to the housing market? Will it push prices low enough to bottom out the market? Will we see a total disaster causing home prices to decline over 50% in most major cities? What is your opinion?
[...] With that being said, does RBC have a chance to compete in the mortgage business? Overall mortgage rates are pretty much the same at all three so what can RBC do to make themselves a [...]