Tradition has it, in any industry, that early January is full of predictions. The same is true with the housing and mortgage industry. I've been reading many blog posts and newsletters, and though I'm not one to predict, I wanted to share what others believe lies ahead for us in 2011.

So, what is going to happen to the real estate market? I've read that some think home prices will rise in 2011. Kerry Kurry of Housing Wire expects home prices to rise in 40% of the major metro markets. Others, according Bob Willis with Bloomberg, believe we're in for a long recovery due to foreclosures and excess inventory. He reports that too many of both of these categories will keep the housing prices down.

So what about mortgage rates? Though this is my world, I still won't make a prediction! I'll defer to the NY Times article that quoted HSH Associates, an independent publisher of mortgage and consumer loan information. Their take on mortgage rates is summed up this way: "With this year’s historically low rates, there is a good chance that we have peaked, give or take a few basis points.” And now, of course, you're expecting me to tell you mortgage rates will go down. Writing for Financial Edge, Michele Lerner presents a mixed bag of predictions, but does state that a drop in mortgage rates for jumbo loans is highly likely.

So, what's really going to happen? Obviously, even the experts are in disagreement. Predictions are, in actuality, best guesses. Current mortgage rates are historically low. Home prices are, as well. (Ask anyone who placed their house on the market in 2010). Because of these two scenarios, right now is a great time to buy. Other than that? I'll keep you posted on changing trends during the year.

The one thing I can predict - actually, guarantee - is that Grandview Lending is dedicated to help you secure the right mortgage for your individual situation. Of that, I am completely confident!