Please make sure to keep up with daily mortgage rates through Subprime Blogger.? There are also several useful articles on home loan modification.

How high will mortgage rates go is a question that almost every home owner is wondering right now.? Over the last three weeks mortgage rates have gone from 4.8% to 5.59%.? Some nationwide mortgage lenders are reporting rates as high as 5.95%.? This is a very scary thought if you were in the refinance process.? It is an even scarier thought if you are planning to buy a house in the next few months.? The difference in a percentage point on a 30 year fixed rate mortgage could be tens of thousands of dollars over the lifetime of the home loan.

Another major area of concern are those trying to get a home loan modification to stay in their homes.? President Obama created the Making Home Affordable plan in an effort to allow everyone access to low mortgage rates.? Well, what if mortgage rates are no longer low?? For those that cannot make their mortgage payments and were hoping to modify to low payments, higher mortgage rates might be the nail in the coffin.? Mortgage lenders and banks will still work with these individuals but there is nothing the financial institutions can do if rates are moving higher.

I personally feel that the fluctuation in mortgage rates is very bad news for the overall housing market.? When mortgage rates were near historical lows, we still did not see a bottom in home prices.? Now that mortgage rates are going higher, home prices are sure to fall even more.? Maybe this is just what we need, a final freefall in home prices that will clear out all the excess supply.? It is a very scary thought, but sometimes its easier to just rip the bandaid off rather than slowly pulling it as we have been for over a year now.