Mortgage Rate Update Ending 05/06/09
May 7, 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: 5.27 percent
- 30 Year Fixed Rate Jumbo: 6.68 percent
- 15 Year Fixed Rate: 4.78 percent
- 5/1 ARM (Adjustable): 5.07 percent
- 1 Year ARM (Adjustable): 5 percent
Mortgage application activity rose slightly for the week ending May 1 according to the Mortgage Bankers Association. Refinancing activity edged up 1.2 percent while applications for new purchase rose 5 percent. Pending home sales for March rose 3.2 percent, according the National Association of Realtors.
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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