Lowering Mortgage Interest Rates
Date: Thursday December 4, 2008Posted in: mortgage, real estate, foreclosures, interest rates, mortgage industry, refinance
Mortgage interest rates are very attractive right now and could become absolutely irresistible in the near future. Interest rates are in the mid-5% for a thirty year fixed rate mortgage below the jumbo level of $729,750. Although the jumbo rate will be lowered to a cap of $625,500 beginning in 2009, it was in the news today that financial industry lobbyists are pushing a plan that could help send interest rates down to 4.5% to shake up the housing industry.
Should this plan be enacted, not only will it increase home sales, but the lending industry will be performing mortgage refinances like there’s no tomorrow. The lenders that I know are already up to their eyeballs in refi’s due to the great interest rates currently available.
Will this help curb foreclosures? It will most likely help those who need to refinance their loans - unless they are some of the unlucky ones who are no longer employed…
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