It’s already May, and time for another Mortgage Rate Watch May 2009 – May 2009 Mortgage Forecast

Loans closed in May will have first payment dates of July 2009.

If April was a harbinger of things to come for May, Homeowners and Homebuyers will be the proud recipients of stable LOW Historic Mortgage Rates (see chart).  The FED will continue its Agency Mortgage-Backed Securities Purchase Program, which is will temporarily keep rates low.  Once the Purchase Program wraps, “Hello Carter era Rates”!

From the current analysis of MBS charts coupled with GOV subsides look to see rates stay low until late fall. If you are planning on purchasing or refinancing, now is the time to “Get off the fence” as both can take anywhere between 20 – 60 days to close.

April 2009 Mortgage Rate Chart

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