Mortgage Rates Predictions
Have you recently caught yourself at listening to mortgage interest rates predictions for 2009 with as much interest and hope as you usually listen to weather forecasts? As the good weather improves our mood and helps carry out our picnic plans, getting the best interest rate helps us to plan for saving as much as possible when purchasing, refinancing, or modifying a home.
Many experts recommend homeowners and potential home buyers to wait until mid October to get their home loan refinanced, or modified. This is the approximately the time when mortgage rates will be at their lowest. Around this time, the lenders and banks are expected to be caught up with the pending applications, and be ready for new home refinancing and modification before the end of the year.
Of course, if you are facing foreclosure now, you should try to take action and save your home now, not waiting for a more favorable situation in a home loan refinance or modification. 5.19% is still a rather low interest rate, and you can use it to save hundreds per month in interest payments.