are home loan interest rates going to go up or down in the near future?
Home rates are still at historic lows. Most Americans don’t realize that mortgages were over 10% for many years.
Here is what I would ask myself:
Do I owe less than 80% of my present value on the home? Home values are going to continue plummenting.
Do I work for someone else? If yes, what happens if you are laid off? You won’t be able to qualify for a loan in the future.
How high is my rate now? Can I afford to add $3000-$5000 to my loan to cover the fees?
Is my present loan adjustable?
There are so many variables that no one can give you a real answer based on the facts in your question.
And please avoid the loan via email people. Rip offs, scam artists and spammers.
The interest rates are going to go down for next three quaters of 2008. They may go up in late 2008 or 2009 if it causes inflation. I will wait for till March 2008 ask myself this question again.
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Home rates are still at historic lows. Most Americans don’t realize that mortgages were over 10% for many years.
Here is what I would ask myself:
Do I owe less than 80% of my present value on the home? Home values are going to continue plummenting.
Do I work for someone else? If yes, what happens if you are laid off? You won’t be able to qualify for a loan in the future.
How high is my rate now? Can I afford to add $3000-$5000 to my loan to cover the fees?
Is my present loan adjustable?
There are so many variables that no one can give you a real answer based on the facts in your question.
And please avoid the loan via email people. Rip offs, scam artists and spammers.
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No one can really say. Although the fed rates may be lowered again, lenders are actually raising rates in some cases as they now want more "fee" for their risk.
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Home loans are now available to many people for whom they would have been out of the question just a few years ago. You’d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal you<!–believe it to be, a bad credit home loan can still work to your advantage.Your best bet in assuming a bad credit home loan is to pay as much cash up front as possible, and see if by doing so you can negotiate a lower interest rate.
http://best-loans.awardspace.com/homeloans.htm
You’ll save enough money over the term of the loan to compensate for the sacrifices you had to make in handing over the down payment.
The bad credit home loan can be a win-win proposition for both lenders and borrowers; the lenders, thanks to the higher–>interest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!
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First off, know that no one can predict rates as it seems some people responding to your question seem to be doing so. They really should play the lottery with such ability.
Understand that Interest rates fluctuate in response to changes in the financial markets. The bond market is generally the best indicator of the general trend of interest rates that change regularly. If unfamiliar with that market, keeping track of it to determine the future of rates may be too much to understand. The simplest indicator is to follow Federal Open Market Committee, which consists of the seven governors of the Federal Reserve Board and five Federal Reserve Bank presidents. Commonly know as the "Feds". The feds meet 8 times a year to determine the rise and fall of interest rates. They just recently meet this week and lowered the interest rate by .25%. They have made it very clear that they dont expect rates to be lowered anymore. Dropping rates any lower jeopardizes the future of the economy.
Hence, based on that information, it seems with great confidence that interest rates will not go any lower for a great time. My suggestion is to refinance now if you need to.
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