Mortgage Rates Forecast for 2010
Although no one can be 100% accurate about the future of mortgage rates, we like to ask our lenders to take a guess periodically...
2010 Projections are for mortgage interest rates to stay fairly stable with a slight upwards trend over the first quarter. Then when the tax credits end and the Fed stops purchasing Mortgage Backed Securities, it's expected that interest rates will move steadily up to between 6.0% to 6.5% for a 30 Year Conventional Fixed Rate by the end of 2010.
Reminder...... If the Bond Market goes up, then the mortgage interest rates normally go down. If the Bond Market goes down, then interest rates normally go up.
Today's Rates:
Larger Loan Amounts in Eligible Areas. In federally designated metropolitan areas, qualified customers may be able to borrow up to $729,750 on conforming or FHA loans without paying the typical higher interest rates on jumbo loan amounts. | Product | | |
|---|
| Conforming and FHA Loans |
|---|
| 30-Year Fixed | 5.000% | 5.191% |
|---|
| 30-Year Fixed FHA | 5.500% | 6.245% |
|---|
| 15-Year Fixed | 4.375% | 4.700% |
|---|
| 5-Year ARM | 3.875% | 3.564% |
|---|
| 5-Year ARM FHA | 3.875% | 3.401% |
|---|
| Larger Loan Amounts - Conforming and FHA. |
|---|
| 30-Year Fixed | 5.125% | 5.264% |
|---|
| 30-Year Fixed FHA | 5.250% | 5.924% |
|---|
| 5-Year ARM | 4.125% | 3.606% |
|---|
| Jumbo Loans – Amounts that exceed conforming loan limits |
|---|
| 30-Year Fixed | 5.750% | 5.895% |
|---|
| 5-Year ARM | 5.000% | 3.930% |
|---|
as of 01/22/2010 12:05:PM Eastern--> |
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About Chris & Karen Highland
We’re Chris and Karen Highland, The Highland Real Estate Group. We’ve lived in the Frederick area for over 18 years and are raising our 4 children here. We’ve seen many communities built where there once was farmland. We love the “small-city yet large-town” atmosphere of Frederick, the quality of life, and the affordability we’ve found here.
I've been selling real estate in Central Maryland for almost 16 years. Karen has been helping me over the years in different capacities, as an assistant, then as a buyer’s agent. For a year, I managed an office and Karen took over the bulk of the business. It was a great experience for both of us. I managed 90+ agents and saw more contracts come over my desk than the previous 14 years combined!
Now I'm back, running the business and Karen is running the office, and blogging and marketing. With each new year comes a different kind of market and new challenges.
In this present market, we face many challenges with mortgage problems, distressed properties and the credit crunch. I've gotten a nationally recognized certification , CDPE, Certified Distressed Properties Expert, to equip me to help homeowners in distress. I'll be blogging about a lot of these issues and about all kinds of real estate topics.
Karen and I always have something to say! Join us in our online, ongoing conversation about Frederick Real Estate