It’s been a rough year and a half for almost everyone in the housing industry as well as those of us who are looking to sell or buy a new home. Despite record low mortgage interest rates, stabalizing home values and even the home buyer tax credit many people have simply not been able to secure a fair or affordable home loan due to the failing economy and credit crunch that’s swept most of the world. Many pundits and professionals started calling 2010 the “Year of the Home Loan” as early as September of last year, but now that’s not looking to be the case.

The demand for home loans took a nose dive in the last few weeks of 2009 and that drop in requests helped to push average 30-year mortgage rates higher than they’ve been in a while. This rise in the average interest rate also negatively impacted the number of home refinancing requests, which are also lower than they’ve been in a long time.

All this being said, 2010 could be a good year for you if you already have a home loan and are looking to work a little more proactively with it. There are a couple things you can do while the interest rates are still low:

Aim For A Fixed Mortgage Rate: Yes, variable rate mortgages always have lower payments initially but over the 30 year life of a typical mortage you can expect interest rates to fluctuate pretty wildly. Securing a fixed rate mortage now is a much better option because rates are low, so the rate that you’re fixed at will also be low.

Pay a Little Extra On Your Mortgage: A lot of people just pay the amount listed on the montly mortage bill and never thing any further. But paying just an extra $20 per month on a home loan can lead to big savings down the road. It could cut years off the life of the loan and save you thousands of dollars in interest over the years.

Don’t Give Up On Home Loan Modifications: Modifying a home loan is a grueling process, but you’re not alone. A lot of people are in the same boat and banks and government officials are now hearing about the nightmares involved with the process. There are plenty of web and maybe even some local resources you can use to help you modify your mortgage.

It’s still early, but 2010 still has lots of promise for those of us who are following home loan trends and news. There are still a number of other economic indicators, including job losses and manufacturing, which seem to indicate the the economy is not weakening as quickly as it was in 2009, so there’s some home that by the middle or end of 2010 the idea of a “recession” will begin to fade in many people’s minds.