Archive for February 14th, 2009
Here’s Where Mortgage Rates Are Headed For 2009
February 14th, 2009 | 
Author: Everyone always likes to know where mortgage interest rates are headed. Especially in the shifting times we’re living in. We all know that forecasts are not completely accurate, but we can make a pretty educated guess based on the recent economic events.
You see many advertisements touting that you can get very low interest rates on your mortgage. Alas, this is only applicable for consumers that have credit scores higher than 700. If you’d like to get 5 percent interest or even lower, you not only need a credit score above 700, you will also have to make a hefty down payment. If your credit score is under seven hundred, or you don’t have the financial reserves for a huge down payment, you will have to pay a little more interest.
During the last few months, interest rates have consistently gone down. What everyone wants to know is when the market will hit it’s bottom. Buying now may be a losing proposition, because interest rates may sink even further. But if you hold off on your decision, and interest rates suddenly go up, you also lose.