Having a crystall ball that told you if mortgage interest rates would go up or down would be great. Especially in these uncertain times. Forecasts are never one hundred percent accurate, but in the light of recent events we can make some good guesses.

Lender advertisements are all over the place, shouting about extremely low interest rates. What most advertisements forget to mention is that the low interest rate is only applicable for consumers that have credit scores of 700 or above. Oftentimes, a large down payment is also necessary for these favorable interest terms. If you don’t have a crisp clean credit report, like many of us, you will have to pay a little more interest. Lenen is an article in Dutch with their opinion.

If you’ve been paying attention to interest rates, you are aware of the fact that they have been coming down the last few months. The million dollar question is, should you act now, or wait it out? If you’re not sure if the interest is at the lowest point right now, you may be inclined to wait with purchasing a home. But if you wait it out, and interest rates abruptly rise, you also lose.

Mortgage applications are pouring in the past couple of months. Lenders are overloaded with requests and some have raised their fees in order to get a grip on the number of mortgage loan applications. Although the mortgage interest rates will go down even further, because of the large amount of new mortgages, we will probably see a bounce in the mortgage interest rates.

This bounce is not a bad thing. Wait the bounce out and buy when the mortgage interest rates are sinking. When the bounce is done, the market is very close to it’s bottom. Consider getting a fixed rate mortgage if possible. You will not regret it when mortgage interest rates go up again.