The new administration clearly wants to free up credit markets to help correct the housing problems and foreclosure crisis. Low rates for home mortgage loans are almost as important to revising the lending guidelines to meet Main St. needs in the aftermath of this credit crunch. According to last week’s Mortgage Rate News released a survey by Freddie Mac that highlighted a historic low for conventional home mortgage loans on thirty year terms. FHA home financing remained strong as interest rates dropped to 5.25% for FHA mortgage refinancing as well.
President-elect Barack Obama and congressional Democrats have entered discussions over an economic stimulus package that could grow to include $850 billion in new spending and tax cuts over the next two years, a gigantic sum that some Democrats say could prove difficult to push rapidly through. There is no doubt that the President Elect will keep home financing and the freeing of the credit markets at the top of his list.
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