Some experts believe we may already be in a recession, the 1st time since late 2001. Check out this article about our current economic state.
http://money.cnn.com/2008/01/09/news/economy/recession/index.htm?postversion=2008010915
What do this mean for the mortgage rates? Typically, during recessions the Federal Reserve lowers rate in attempt to stimulate the market and help pull the economy out of it's declining state. Some experts the believe the Fed Reserve will lower rates to 2.5%, it currently sits at 4.25%. Which means you will definitely see a drop in your HELOC rates and payments and will see a decrease in first mortgage rates.
Prosperity Financial -Your Mortgage Manger
Lafayette, Colorado
http://www.colomortgages.com/ http://www.3bed2bath.net/
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