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Paying a mortgage bill is one of the largest monthly bills the average family
faces. When the economy dips into a
recession Joe
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Our current economic situation couples the recession with increasing gas
prices and a falling dollar. What does this mean for your mortgage interest
rate, your monthly payments and the value of your house?

Currently,
Fannie Mae is allowing some homeowners to refinance their house if they owe more
than what their house is actually worth. How could they have gotten into this
situation? The answer is interest rates and the decrease in the value of
houses.

If the interest rate on the mortgage was variable or subprime,
the interest rate and consequent mortgage payments can jump vastly higher than
what the actual value of the house is worth. Also in almost all major cities
across the nation home prices have dropped, meaning now homes have mortgages
that are higher than the value of the house.

This move by Fannie Mae is
significant because in essence, it means that Fannie Mae is willing to take some
loss on the current mortgage loan situation for some homeowners rather than let
them default and lose their home entirely.

Homeowners and new home
builders are in a pinch. Census data seems to have underestimated the number of
new homes that have not been sold and foreclosure rates are steadily climbing.
In addition, the inflation rate is growing.

This pinch on the everyday
homeowner can be
significant Colin
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survive during this treacherous time to keep their home through this recession.
With the falling dollar in the market, investors are pulling funds from national
banks and putting their money abroad, causing national banks and investments to
feel the pinch as well.

Mortgage rates are unlikely to spike any time
soon, but even a small increase could spell bad news for those homeowners just
holding on to making their payments on time and avoiding
foreclosures.

What else could possibly affect our mortgage interest rates
and the housing market overall? The weak labor market plays a large role in the
housing market. The economy is in a virtual hiring freeze, while some companies
have already started laying off workers.

Job loss has always precipitated
trouble in the housing market. In addition, overall job loss in the community
makes workers and homeowners scared, limiting the housing sales.

Any time
the general feeling is to hold onto the house you have instead of try to sell it
or take on a larger mortgage
payment San Francisco 49ers
Jerseys , we are experiencing a weaker housing market. As employers and
workers feel more confident about their employment possibilities, the housing
market will improve as well.

Interest rates will be dictated by the
Federal Government. In early May 2008, the Fed cut the interest rate, which
pushed the 10-year treasury rate up. The 30-year mortgage rate follows the
treasury rate, so an increase in the payments due would have accompanied this
move in the financial sector.

In general, homeowners and workers are
trying to maintain what they have instead of pushing to take on something new
and stagnant movement like this can spell trouble for mortgage rates.

If
you are in a financial situation and thinking how can I sell my house fast, then
contact your local home buyer. Every major metropolitan area has professional
home buyers that help solve home seller problems. They help people avoid
foreclosure San Francisco 49ers
Jersey , with short sales, sell because of divorce, cash out of investment
properties, or sell if you have no equity. So contact your local home buyer and
receive a free offer for your house, you have nothing to lose.
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