We are seeing 30 year mortgage rate at their lowest levels in 37 years. Now, what we need is for credit to loosen up so that people can buy. It does little good to have low interest rates when the banks are being very tight with their cash. Even with the Fed throwing money at the slumping market, it is doubtful that we will see much change in the near future.
According to the NBC Nightly News, Project Hope was a loser. Of all the counseling people that were interviewed, none could testify to the fact that they were able to help anyone. If memory serves, there allegedly was a great deal of people who would benefit from that program. It appears no one did.
With the latest drop in the prime, banks are being overrun with new mortgage applications. Bart Doerhoefer, mortgage division manager at Commonwealth Bank & Trust in Louisville, reports applications have skyrocketed to higher levels this month, with 110 applications for a total of $21 million as compared to last month when there were 58 applications for $10 million.
Freddie Mac reported yesterday that average 30-year rates dropped to 5.19 percent from 5.47 percent last week. Greg McBride, senior analyst at Bankrate.com said “It’s a call to action for homeowners looking to get out of adjustable-rate mortgages. Unfortunately, it’s not an equal-opportunity party.”
According to the NBC Nightly News, Project Hope was a loser. Of all the counseling people that were interviewed, none could testify to the fact that they were able to help anyone. If memory serves, there allegedly was a great deal of people who would benefit from that program. It appears no one did.
With the latest drop in the prime, banks are being overrun with new mortgage applications. Bart Doerhoefer, mortgage division manager at Commonwealth Bank & Trust in Louisville, reports applications have skyrocketed to higher levels this month, with 110 applications for a total of $21 million as compared to last month when there were 58 applications for $10 million.
Freddie Mac reported yesterday that average 30-year rates dropped to 5.19 percent from 5.47 percent last week. Greg McBride, senior analyst at Bankrate.com said “It’s a call to action for homeowners looking to get out of adjustable-rate mortgages. Unfortunately, it’s not an equal-opportunity party.”
No comments:
Post a Comment