Subprime Blogger offers weekly Mortgage Rate Predictions as well as Daily Mortgage Rates News so make sure to check back daily for real estate and mortgage information.

Getting mortgage rates that you want is something that many home owners wish they could do.  Unfortunately the case is that many Americans feel trapped because of the current economic stay.  Well, if you think you feel trapped then what do you think the mortgage lenders are feeling right about now?  They have to start funding more mortgage for two reasons.  The first reason is the the government is almost forcing their hand to help the struggling economy.  The other reason is that they need to charge fees so they can actually make some money.

Well, if you know that mortgage lenders are in the market to “lend” money then you might have the upper hand.  Well, that will be the case if you are a prime borrower who has not made any bad financial decisions in the recent past.  If you have a credit score of under 750 and your loan-to-value ratio on your home is above 95% then you might be out of luck.  Lenders are getting their hands forced, but they are not going to lend money to anyone they would consider subprime; we know what happened the last time that type of lending took place.

If you are a prime borrower and you are looking to get that low mortgage rate, now might be the time to do it before mortgage rates go higher.  Now that the 10 year treasury yield has started its uptrend, it is highly likely that we are going to see mortgage rates head back above 5%.  If this is the case, you will want to get your mottgage application in now to get a rate under 5%.  I would also strongly suggest you know the value of your current home if you plan on refinancing.  Many home owners have not had an appraisal in quite some time and the appraisal value for their refinance is coming in much lower than expected.

If your home is the value you think it should be and you have good credit and a solid income, you DO have leverage over the mortgage lenders.  Realize that they need you just as much as you need them.  If you haven’t noticed, over 340 mortgage lenders have gone bankrupt in the last three years so most of them are willing to do whatever it takes to get the good borrowers in their doors.

Something else I strongly urge you to realize is that the lower rate you get, the higher fees you will pay.  There are many mortgage lenders out there who offer a no cost mortgage or a no cost refinance but you are going ot pay for it with a higher rate.  Several of the sites state this on the front page to avoid any confusion!  If you plan on getting a no cost mortgage, expect to pay at least .25% more for your mortgage.  Oftentimes it is worth it to just pay the fees and get the lower rate for long term savings.

Ultimately, if you have been smart with your money and have made strong financial decisions you should be able to get that low mortgage rate that you want.  If you have lived in your current home over four years and you are not in a bubble market, you are likely to have a loan-to-value ratio near or under 95% which would put you in a perfect position to get the rate you want.  Another suggestion I would give to most home owners is that you are always free to walk away.  Just like when you are buying a car, do not feel like you owe the mortgage broker anything.  It is his job to provide you with all this information and you can turn it down at any time.

It looks as if mortgage rates are heading higher in the very near future, so go out there and get that low mortgage rate before it is too late and rates get above 5.5%.  The government is forcing the hands of many of these mortgage lenders so take advancage and get that low mortgage rate that you want.