Home Loan Modification Affected by Mortgage Rate Trends
Home loan modification was a buzz word for quite some time in early 2009. Everyone and their brother, or sister for that matter, wanted to modify their mortgage. Some people were modifying to avoid foreclosure while others were refinancing at extremely low rates to save large sums of money. Either way, the historically low mortgage rates made it very alluring to get a mortgage modification.
For the last few weeks the mortgage rate trends have totally changed. At the beginning of the year mortgage rates were going down, down and down some more. Now that the 10 year treasury rate is uptrending, the mortgage rate trend has also changed. No one really knows how high mortgage rates are going to go, but it sure seems that the uptrend has begun. It is scary to think about what this is going to do to the overall housing market; only time will tell.
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