Good news from the Gov’t bailout of Fannie Mae and Freddie Mac is that the interest rates have taken a plunge. I heard one Lender quoted 5.55% on a 30 year loan. This should help us as we head into the fall season, when we see our traditional slow down in the housing market. Maybe this will increase the refinance numbers and get some of the buyers who were sitting on the fence, a nudge to make a move. Thoughts?
Calandar
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1 response so far ↓
Jennifer Nickerson // September 12, 2008 at 3:08 pm |
I think that will be a huge help…I also think that underwriters should take a closer look at the reasoning behind some of the peoples lower credit scores and work closer with them. It is obvious that MOST of the folks in foreclosure had good enough credit at one time..what struggles have they endured to lower their credit?..fluctuating interest rates and poor economy! HELP these people! Some might say it’s their own fault…of course majority of the people see the verbiage in a mortgage and it looks like swahili..we can’t all be attorneys.ha ha..my point is..underwriters/lenders should be more considerable in this time and as for the consumers..get educated before you make the biggest investment of your life and let this be a lesson!