Mortgage Rate Predictions Can Help You Refinance at a Lower Rate

Being able to accurately make mortgage rate predictions is something that could save you up to $25,000 over the lifetime of your home loan.  Interest rates often go up and down in trends and if you have the ability to pick when the trend is going to bottom or top, you could find yourself saving a great deal of money.  Several websites claim that they can accurately predict mortgage rates, but many of these predictions are for a year or more out.  It is highly likely that if you are searching rates, you do not want to wait a year to get a refinance or buy your first home.

If you do use predictions from the internet, make sure to check the date on the actually predictions.  Some sites have made predictions that are from way back in 2007.  Obviously this is not going to help you at all if you want to know where average rate are going to go in the next few weeks.  By doing a little research, you can find some websites that do a pretty good job.

Now that President Obama has extended the Making Home Affordable Refinance Plan now is the time to make sure you are getting accurate predictions.  Prior to July 2009, anyone with a loan-to-value of over 105% did not have the ability to refinance their home.  The Obama Refinance plan changed all that as you can now get a refi with a loan-to-value up to 125%.  You can literally be underwater 25% on your current residence and still have the ability to refinance it.