Mortgage Rates in 2009: 7 Things You Need to Know

Unrealistic ALLEN

Allen, I can agree with your ideas up to a point. However, not everyone that now requires assistance has created that situation for themselves. Obviously you must have had a pretty good life thus far. Additionally, hind sight is ALWAYS 20/20 and luck is just luck, good or bad. I am 49 years old and have sufficient talents to survive in an average marketplace. 2008-2009 is not an average marketplace. The dishonorable actions by the Housing, Banking and Auto Industries that has taken place in past years should put them in the position to do just as you have described.

READ YOUR COMMENTS:

Woe is us! We need "the banks" to lower interest rates to zero and help us. Whine. Whine. Whine. YES, external circumstances can hurt, but YOU are responsible for YOU. Don't have enough money? Get a second job. Can't pay your bills? then STOP the spending that gave you the bills in the first place. Here's a novel idea - spend LESS than you make. Don't have the skills you need for that job? Well, get them - if you're young, go back to trade school or get some on-the-job training or go in the service (like I did). If you're old and have no skills, then what WERE you doing all this time? Stop your whining and waiting for the Barack Fairy to come and bail you out. It's NOT the goverment's responsibility. Where you are right now in your life is the sum total of all of the decisions you have made up to this point. Yes, there is some luck - good or bad - thrown in, but for almost everybody, the "luck" piece is far outweighed by your decisions. Start making better decisions.

Yet, it is not likely to happen because politics does not work that way (using common sense). ALL Sound familiar???

Steven of IL @ Feb 01, 2009 14:41:59 PM

Lower Mortgage Rates

Lowering interest rates (putting more in the pockets of the working class) would likely do more to stimulate the economy than subsidising bad judgementt (Big Bankers, Auto Makers, Housing Industry i.e. Fannie May etc.) Yet, it is not likely to happen because politics does not work that way (using common sense).

Sincerely

"Unemployed and Paying"

Steven of IL @ Feb 01, 2009 14:18:48 PM

Allen is insensitive!

Allen, I find your comments very insensitive. Some people are HIGHLY skilled, with many years of service in their field, and they still loose their job due to all the businesses closing their doors. "Get a second job"??? Many of them can't even find a FIRST job. It seems thousands of people are getting laid off every day. "Get the skills you need"...going to school takes money, and lots of it! Obviously your in a good place right now, but it is wrong to assume that everyone who is trying to save money by getting a better rate on their mortgage (people who are waiting for the "Barack Fairy") actually deserve to be in a financial bind, choosing between eating or paying their mortgage.

I do agree that people who bought/built humongous houses and couldn't afford them don't deserve our sympathy, but not everyone is in that boat.

Lynn of MA @ Jan 28, 2009 14:21:21 PM

Gee Help us out

Woe is us! We need "the banks" to lower interest rates to zero and help us. Whine. Whine. Whine.

YES, external circumstances can hurt, but YOU are responsible for YOU.

Don't have enough money? Get a second job.

Can't pay your bills? then STOP the spending that gave you the bills in the first place. Here's a novel idea - spend LESS than you make.

Don't have the skills you need for that job? Well, get them - if you're young, go back to trade school or get some on-the-job training or go in the service (like I did). If you're old and have no skills, then what WERE you doing all this time?

Stop your whining and waiting for the Barack Fairy to come and bail you out. It's NOT the goverment's responsibility.

Where you are right now in your life is the sum total of all of the decisions you have made up to this point. Yes, there is some luck - good or bad - thrown in, but for almost everybody, the "luck" piece is far outweighed by your decisions. Start making better decisions.

Allen (disgusted) of PA @ Jan 06, 2009 00:19:12 AM

Mogtgage Rates and Credit Score

I paid off over 100,000 in personal debt this year, my credit score went up an average of twenty points with the three bureaus. I have not been late paying a bill in years so my score finally went up to an average of 725 with the three bureaus nine months later. This month all my scores dropped an average of fifty points simply because last quarter I had three credit inquiries to buy a new car. I bought the car which is now my only bill and I am applying for a mortgage with 20% down with an average credit score of 700 which sucks.

I followed the rules, read all the blogs, saved my money and now the credit bureas have decreased my scores for no apparent reason other than a few inquires being made.

This simply indicates to me the credit bureaus, the banks, and all financial institutions involved in the mortgage industry are working in concert with each other which only makes this recession worse preventing those that do have some means to not buy a home, or to buy a home at a higher interest rate because of low credit scores which generates more revenue for the financial institutions.

I forgot to add I have no bills and pay 1,600 in rent with utilities it's over 2,000 a month so I can easily afford a home but with high interst rates it could put me out of the market with my 60,000 a year retirement salary.

jerald johns of FL @ Jan 03, 2009 08:03:05 AM

As you said average house hold income is about 35k-45k a year. house price $350,000 is average in NY, mortgage must be $1800, not include any other expenses,bank rate go up, house price going down, if the house price go down ,bank rate go up, buyer stay between and watch let's both play game with each other, they must set an standard rate for period of time, for buyer to get in the market,

loi lee of NY @ Jan 03, 2009 07:10:19 AM

mortage rates

to Bob ofCa I, too, have stayed in my house That my wife and I bought 17 years ago. Price was 67,000. back then. We have 2200 sq feet, all the room we need. We put new roof on, new siding, upgrade floors, baths etc. House has been paid for since 2003, by just paying a little extra towards mortgage each month. I read about mortgage rates and laugh. I hear about falling house prices and laugh. To me I don't care what they are because I don't plan on moving and I don't have a mortgage. Ha Ha, as to the folks who bought too much house for your wallet you should know better. I hope you teach your children better than your were taught.

richard guilmette of AL @ Jan 03, 2009 00:25:37 AM

Can't blame the Average American

We were forced to overextend ourselves when buying a home,

yes we were forced to use our credit cards to make ends meet!

The average U.S. wage is $35,000 to $45,000 dollars per year,

yet a home that is in any decent condition is over $150,000,

just a good basic car is $13,000, gas prices drove the cost of all staples up, so do the math. Even if you rode the bus and rented, average rent is $700.00 per month, you would still be overextended.

We are the victims of a government who is no longer for the people by the people, because lets face it, we have no say

with the governing of this country.

The greedy executives run our politicians and our economy.

They have taken the jobs out of the country, they keep their money out of our economy by putting it in offshore accounts and bilk billions of our tax dollars out of the government in bailouts and bribes.

Greedy bankers have created the housing mess, they overinflated the value of housing to make thier commissions on loans, and

the credit card companys are nothing but LOAN SHARKS!

blb19570 of FL @ Jan 02, 2009 23:58:41 PM