There are lots of good indicators on where the mortgage interest rates are heading. Having a good idea of which direction these interest rates are going to go in the future can save you thousands of dollars if you want to purchase a new home. If you can get into a lower interest loan than you'll be making lower monthly payments on your existing home.

Thanks to the large stimulus package that went into effect to help resolve the world's ailing economy, the mortgage interest rates have started to rebound and should be stable through 2010. The fixed rate thirty year mortgage has a set mortgage rate throughout the loan on your home. Having a fixed rate 30 year mortgage will keep your monthly payments low when you start the mortgage, and because the interest rate is fixed into the loan the payments will stay the same.

A 15 year adjustable mortgage rate will start out low, and then after you've had your mortgage a few years your monthly payments will go up do to the adjustable interest rate going up on the loan. If the mortgage interest rate forecast is calling for lower interest rates in the future, you can choose to refinance your mortgage to the lower rate.

Depending on how high the interest rate is on your home mortgage now, you may want to check into a refinance of your current mortgage. For 2010 the mortgage interest rate forecast is calling for an interest rate of just under six percent, and possibly falling to just above five percent by the end of the year on a thirty year mortgage. If your mortgage interest rate now is much higher than the current rate you are paying on your home mortgage, you may well want to save yourself thousands of dollars by refinancing and locking in a lower rate.

Thanks to the billion dollar stimulus package that was implemented to freeze up the credit crunch, the economy shows signs of rebounding and slowly getting better. So this may be the right time to look into refinancing your mortgage rate thanks to the current mortgage interest rate forecast.