The News Review:
- Borrowers get gift of lower mortgage rates
- Lower Mortgage Rates Are Not the Answer
- Mortgage rates fall for 2nd day; won’t help all
- Mortgage experts: Now is the time to buy or refinance
Borrowers get gift of lower mortgage rates
Seattle Post Intelligencer
“It’s pandemonium around here right now” says Bob Walters chief economist for Quicken Loans. “This is going to have a major effect on refinancing opportunities and it should absolutely translate into increased home buying. The Fed’s action helps not only buyers but also homeowners with adjustable-rate mortgages who want to refinance into fixed-rate loans. The mortgage and real estate industries look upon the announcement as a gift from Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson. Ryan Kennelly a mortgage banker for Residential Mortgage Services Inc.
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Lower Mortgage Rates Are Not the Answer
Wall Street Journal
The intent is to make it easier for consumers to buy cars pay for college tuition and get credit cards. Mortgage interest rates fell about a half-percentage point on the news.
Mortgage rates fall for 2nd day; won’t help all
The Associated Press
Mortgage brokers fielded a steady stream of calls Wednesday from borrowers looking to refinance. But some of those callers were confronted with an unwelcome truth: only those with good credit histories and equity in their properties need apply. And with the damage wrought by the real estate downturn now in its third year that number has declined dramatically. Lower rates won’t mean much for the more than 4 million homeowners who are already behind on their mortgage payments or the 12 million homeowners who owe more money to the bank than their homes are now worth. “This will help the non-troubled borrower the standard consumer who is making payments on time” said Mike Larson real estate analyst with Weiss Research.
Mortgage experts: Now is the time to buy or refinance
KDRV OR
– Despite tough economic times and a crumbling housing market mortgage experts say now is one of the best times to either buy a home or refinance. Â This week the interest rate on a 30-year fixed mortgage dropped to 5. Local experts say the economic stimulus packages being introduced in Congress are what’s causing the dramatic drop in rates. Because the government is now trying to buy back some of those mortgage backed properties people looking to buy a home build or refinance have an advantage.