10:10 Economy: 2009 Mortgage Outlook

A local mortgage expert says 2009 could be an exciting year for Stateline homeowners. Historically low mortgage rates could help all of us save some money.

Janan Mortgage President Terry Bloom says if you have a mortgage, you can save money. Rates are now at a 37 year low, at 5.1 percent for a 30 year fixed rate. Now he says is the time to refinance, and a lot of people have already done so. Bloom als hopes the rates will spur more homebuying in our area. He sees the housing market as one of the first areas that needs to turn around... and he predicts that would help cure some of our other economic ailments.

"If we can take their biggest liability and lower that payment that allows them to have more household income or cash flow and then they can turn around and use that money in the marketplace whether its investing, purchasing things at the store and it could help everyone if they could actually save money on their mortgage."

Bloom says another positive he sees is that we are all open to change.


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