Interest rates have moved slightly lower yesterday. The 30 year fixed rate is now at 5.125% for loans from $200,000 to $427,000 with a 740 credit score and a down payment of 10%. See the attached Mortgage Plans and Rates for more details.
Commentary:
The mortgage market is struggling with President Obama's $275 billion Homeowner Affordability and Stability Plan aimed at making refinancing easier for a select group of American homeowners. Here is a synopsis of the Homeowners rescue concept:
The plan has 3 components.
The first would help homeowners who are still current on their payment, but who are paying high interest rates and can not refinance because they do not have enough equity in their homes, a problem affecting growing numbers of people as housing values tumble.
A second component would assist about four million people who are at risk of losing their homes. It would provide incentives to lenders who alter the terms of loans to make them affordable for the troubled borrowers.
A third component would try to increase the credit available for mortgages in general by giving $200 billion of additional financial backing to Fannie Mae and Freddie Mac.
(This information has been provided by Ralph Leach, Loan Officer-Ameristar Mortgage Corporation
Cell 414-202-8093)
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