Jun 6, 2009 9
Mortgage Rate Predictions Looking Bleak for Home Owners
AUTHOR: Patty Cramer
Mortgage rate predictions were extremely easy to make from October of 2008 until just two weeks ago; in more words or less, mortgage rates were going down, down and down some more. There were some weeks where rates saw a slight bounce of .05% or so but nothing compared to have happened last week. Mortgage rates saw a jump of almost 50 basis points as rates went form 4.91% to 5.29%. This is very bad news for current and future home owners.
Many would say that it will lower home prices because mortgage rates are going higher but aren’t home prices extremely low already? Now that you know mortgage rates are going higher, possibly much higher, are you going to give up on refinancing? If you were in the market to buy a new home, has this changed your mind?