Is this news of 4.5% good news, bad news or no news for you? Are you holding off on refinancing your home loan so that you can get your hands on the supposed 4.5% interest rate that we have all been hearing about on the news lately? If so, you need to see the excerpts below ...
"Government efforts to provide easier credit to consumers and jump-start flagging home sales could push mortgage rates 'well below 4 percent,' a federal regulator said Wednesday...He did not say how long it would take to achieve such a drop and has declined to provide a firm target for mortgage rates. Treasury Department officials have been considering a program to lower mortgage rates, which would not apply to refinanced loans..."
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"...Only a week after the Federal Reserve unveiled a $600 billion plan to reduce mortgage rates, the Treasury Department is considering adding to the effort to lower rates even more. Both moves are intended to get more buyers into the market in hopes of stabilizing home prices and reviving the economy. While Treasury officials are keeping mum about the latest proposal, lobbyists said Thursday it is aimed at reducing rates to 4.5% only for people buying homes. Those looking to refinance would not qualify..."
"...'Wow!' you may be thinking. 'Who cares about the mortgage crisis? With those kinds of terms, I'd be ready to go out and refinance my home.' But here's the catch. As currently envisioned, that 4.5 percent rate would not be available for refinancing. Which means it would not be available to any of the people who are currently underwater on their loans..."
The list goes on and on; a simple Google Search will show you just how much there is to read about this and it all says the same thing...those looking to refinance will not qualify for the new programs currently in the works.
Are you holding out on refinancing for even lower rates? If so, you may want to reconsider because the rates right now are very low and they may not stay that way forever! Further, it's clear that holding out for the "fours" may not be the best idea - you could lose out on the low rates we are currently seeing!
To get a free quote for a refinance or pre-approval, please contact me.
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Wow - do I ever have writer's block this week! Maybe that's because the mortgage-rate-headlines of the past few weeks have been keeping me busier than I have been in at least 18 months - I am so grateful for that!
As you may have already heard, rates on 30 year fixed-rate mortgages have dropped to their lowest point in 37 years! That is enough reason for you, your friends and your family members to give me a call to get the ball rolling on a new home loan - refinance or purchase!
Why did the rates come down?
Mortgage rates started falling after the Federal Reserve launched a sweeping new effort in late November to aid the U.S. housing market by purchasing up to $600 billion of mortgage-related securities and other debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
There, now you have it; back to work I go!
"Do not stop thinking of life as an adventure. You have no security unless you live bravely, excitingly, imaginatively."
-Eleanor Roosevelt (1884–1962)
Humanitarian and U.N. diplomat
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