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{ 3 comments… read them below or add one }
Yuck, push those rates back down.
J Boyer’s last blog post..Liberty Greens Condominiums Morris Twp NJ 07960 Home Sales
Yes, rates are so low still. I am hoping they approve the 4.50% 30 year loans. Have you heard any updates on when they are trying to make their decision by on this? I think that would help a lot, however with all of the job losses, its hard to maximize that potential.
Scott’s last blog post..Montclair, NJ Real Estate & Relocation
Scott, mortgage rates are determined by the buying and selling activity of the FNMA mortgage bonds in open trading. For the government to come out with a “4.5% 30 year rate” would mean specifically a government sponsored mortgage program like FHA or VA.
If this were to actually happen, it is likely they will put some sort of outlandish restrictions on it that would eliminate many buyers from qualifying.
I don’t say that to be pessimistic, but it is an educated guess based on past performance.
There was a lot of excitement about the Help For Home Owners act passed last year, but the execution was so terrible and hard to qualify for that of the expected 250,000 home owners that would use the program, there have been less than 100 applications nationwide.
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