Mortgage refinancing is extremely popular right now due to near record low mortgage interest rates and new Government housing bailout programs. Millions of people will benefit by refinancing now and avoiding the mortgage interest rate increase I predict to happen later in 2010. Here are my mortgage interest rate forecasts and predictions for 2010, and how I made them.

Right now the housing market is in terrible shape and over $75 billion from Obamas stimulus plan is being used to keep interest rates low and provide mortgage refinancing options to nearly every homeowner. These mortgage refinancing options are available to homeowners with bad financial problems and are designed to lower the monthly home loan payment to an affordable level. This means that a lot of the stimulus plan is being used to keep mortgage rates low in general, and this makes refinancing a mortgage for anyone a very good thing to consider.

A small 1.70% rate increase seems insignificant, but in reality it will eliminate the benefits that refinancing a mortgage will have for some people. This rate increase also means that anyone who does refinance will end up paying more for their home than if they were to refinance now, regardless of their financial situation.

Homeowners should refinance a mortgage now and avoid the possible rate increases I predict will happen. Do not let the rates rise before you take action, save yourself money and refinance now.

-M Petrone

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