Obama on the Dollar

Home loan modification has been extremely popular over the last several months as mortgage rates dropped to well under 5%.  Many home owners were modifying to save money on mortgage rates while others were doing what they could to stay in their homes.  President Obama vowed to stop foreclosure and help families stay in their current homes and that is what he did for the first six months of the year; by keeping mortgage rates low.

Now that we are seeing higher mortgage rates, what is going to happen to the home loan modification industry?  It will be interesting to see how many individual home owners are actually interested in getting a modification now that mortgage rates are being reported as high as 6%.  What a difference a few weeks makes!  Are you still interested in refinancing your mortgage now that the sentiment has turned negative and mortgage rates look to be heading higher?