Mortgage Rates Forecast in October - How Low Will We See Mortgage Interest Rates in 2010?
The mortgage rates forecast for early October seems quite similar to the past month as the Federal Reserve Bank continues to hold the 30 year fixed home loan rate near an all time low.
A very frequent question asked over the last several weeks continues to be "how low will we see mortgage interest rates in 2010?" Unfortunately, no one knows the answer to that question as it seems to be in the hands of the Federal Reserve at the present time.
Ben Bernanke, the Federal Reserve Bank chairman, continues to state that the Fed is going to work to keep rates as low as possible.
The reason that the Fed continues to do this is to help banks and other institutions borrow money at very cheap rates which in turn will help them to improve economic conditions.
As long as the overall economy continues to struggle it will likely be the case that overall rates remain very low.
With that being said the mortgage rates forecast for early October looks very similar to September as we expect to see 30 year home loans around 4.
25% and 4.
5%.
Over the next few weeks it will be very interesting to watch 30 year loans fluctuate but until the Federal Reserve Bank thinks that the economy is on very solid footing it will likely be the case that we continue to see historically low interest rates.
With this in mind many Americans will likely consider the refinance process that could save as much as hundreds of dollars on a monthly mortgage payment.
The next few months will likely show that most Americans are looking to refinance rather than make a first time home purchase.
It seems to be the case that the majority of mortgage applications are coming in as refinance applications.
This should come as no surprise as many first time buyers continue to sit on the sidelines and hope that there is a government tax incentive that helps when it comes to buying a new home in late 2010.
Unfortunately, it does not look as if there will be any government tax incentives to help this first time buyers.
With this being the case look for a growing number of homeowners to consider refinancing at these historically low rates.
With loan rates very close to all time lows almost all homeowners have the ability to save money on their monthly payments which in turn could help them find financial freedom.
A very frequent question asked over the last several weeks continues to be "how low will we see mortgage interest rates in 2010?" Unfortunately, no one knows the answer to that question as it seems to be in the hands of the Federal Reserve at the present time.
Ben Bernanke, the Federal Reserve Bank chairman, continues to state that the Fed is going to work to keep rates as low as possible.
The reason that the Fed continues to do this is to help banks and other institutions borrow money at very cheap rates which in turn will help them to improve economic conditions.
As long as the overall economy continues to struggle it will likely be the case that overall rates remain very low.
With that being said the mortgage rates forecast for early October looks very similar to September as we expect to see 30 year home loans around 4.
25% and 4.
5%.
Over the next few weeks it will be very interesting to watch 30 year loans fluctuate but until the Federal Reserve Bank thinks that the economy is on very solid footing it will likely be the case that we continue to see historically low interest rates.
With this in mind many Americans will likely consider the refinance process that could save as much as hundreds of dollars on a monthly mortgage payment.
The next few months will likely show that most Americans are looking to refinance rather than make a first time home purchase.
It seems to be the case that the majority of mortgage applications are coming in as refinance applications.
This should come as no surprise as many first time buyers continue to sit on the sidelines and hope that there is a government tax incentive that helps when it comes to buying a new home in late 2010.
Unfortunately, it does not look as if there will be any government tax incentives to help this first time buyers.
With this being the case look for a growing number of homeowners to consider refinancing at these historically low rates.
With loan rates very close to all time lows almost all homeowners have the ability to save money on their monthly payments which in turn could help them find financial freedom.
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