Mortgage Rate Update Ending 01/14/09
January 18, 2009
Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products. Here’s this week’s outcome:
- 30 Year Fixed Rate: 5.28 percent with points averaging: 0.42
- 30 Year Fixed Rate Jumbo: 7.07 percent
- 15 Year Fixed Rate: 4.89 percent
- 5/1 ARM (Adjustable): 5.51 percent
- 1 Year ARM (Adjustable): 6.13 percent
Fixed-rate mortgages continued their decent toward record lows this week. Refinancing activity was at levels similar to those found back in mid 2003. Activity increased 25.6% from the previous week.
Foreclosure postponements for Fannie Mae and Freddie Mac borrowers have been extended for an additional three weeks. The postponement should be valid through January 31.
As the economy worsens, more foreclosures and short sales will continue to drag home prices down. The main culprits creating a worse housing condition are the poor economy and subsequent rising unemployment.
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Everyday, struggling homeowners call foreclosure and loan mitigation hotlines for help on how to save their homes. This is just a small sample of a larger problem. Foreclosures, short sales, adjustable mortgages, and financial or personal hardship have wreaked havoc in the marketplace. The need for loan mitigation is paramount.
At Loan Mitigation Advocatessm, we encourage homeowners to try and resolve their situation themselves. In many cases, the homeowner realizes the complexity of the situation and that they do not have the time, connections within the lending industry or negotiation power. This is where many homeowners turn to a loan mitigation advocate. The hiring of a specialist to handle the process from start to finish can ease an already stressed situation, reaping benefits long into the future, and most importantly, help you, the homeowner, stay in your home.
CORPORATE BROKER’S LICENSE #01858172