Where are Mortgage Rates now??

by Nan Woodward

Home mortgage rates fell last week. Long term rates are at the lowest they've been in five weeks according to Freddie Mac.

You can get a thirty year mortgage rate below 5%. Fifteen year fixed rate mortgages averaged 4.36%. Now you need to read your quote, there is a paydown to obtain these wonderful rates but that is low also today.

Since this is coming now when home rates are lower, you have a win win situation. Mortgage applications are currently at a low - lower than they have been in nine years according to the Mortgage Bankers Assoc.

So now is the time to buy and the time to get a great mortgage rate.

Mortgage Relief is missing 4 out of 5 eligible

The mortgage relief program isn't hitting the mark. Only one out of five is reached and they are currently on temporary plans. To complete the process, the borrow must complete a stack of paperwork and indicate they can make their current payments on time.

Are the banks doing enough to follow thru the process? I think not. When you realize the amount of publicity out there on the benefits of the program, this is sad to hear.

Another time we spent the $$ and didn't gain on the problem?

Nan Woodward