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Find the lowest mortgage interest rates with refinance mortgage loans, fixed, variable & interest only rates for conforming and government lending.
Lower Your Monthly Payments Now!
What better way to start the New Year out than to lower
your monthly payments? Whether you want to reduce your
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The Housing of Urban Development and the government recently passed the mortgage modernization bill that temporarily raised loan limits for 2008. The new FHA home loan limits will go up to $729,000 in certain regions with higher cost of living indexes.
Starting with the Federal Reserve, while they were criticized just two weeks ago for not cutting their rates aggressively enough, they took a different approach this week that traders applauded. The Fed had already announced a week and a half ago that they were going to auction off $40 billion in short-term debt to any financial institutions that needed it. However, after their first $20 billion installment last Monday received such high demand, they issued another $20 billion later in the week, which got almost the same interest. Due to the success, they proclaimed that they would continue offering money as long as the demand was there. It showed a renewed determination by the Fed to stave off a recession.
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Meanwhile, foreign investment groups have taken advantage of a U.S. financial sector in need, and they have bought significant stakes in a number of our financial institutions. Merrill Lynch was the most recent, receiving $5 billion from Temasek Holdings in Singapore. Earlier in the week, Morgan Stanley announced that it had sold a $5 billion stake in its company to China Investment Corp. And, just a couple of weeks ago, UBS AG said it was going to receive $9.75 billion from Singapore and an additional $1.77 billion from an investment group in the Middle East. This trend could very well continue if banks have to take additional losses due to mortgage defaults, although the Fed's bailout plan might limit the need for companies to go international.
The real question that still remains is will these cash infusions be enough to solve the credit crisis, or are lower rates the only reasonable resolution
Mortgage Rates Are Lowered Again!
As we move into 2008, mortgage interest rates are continuing to decrease. They are now at the lowest point in more than two years, thus opening a bit wider the door of opportunity for home buyers.
The average rate for a 30-year fixed-rate mortgage is now down to 6.10 percent, with 0.5 points (fees), according to Freddie Mac, a major government sponsored buyer of existing mortgages. It has not been this low since mid-October, 2005. Last year at this time the rate was 6.14 percent.
The 15-year, fixed-rate mortgage has an average rate of 5.73 percent, with 0.5 points. A year ago this rate was 5.87 percent. It's now at the lowest rate since January of last year. This is a popular option for many homeowners who are now refinancing their mortgage. The 5-year hybrid adjustable-rate mortgage (ARM) is still popular. Its rate now averages 5.86 percent. A year ago it was 5.95 %.
"Interest rates for U.S. Treasury securities are drifting lower over market concerns that the housing slump and stress in credit markets could slow future economic growth. As a result, interest rates are slipping lower," said Frank Nothaft, Freddie Mac's chief economist. With Federal Reserve chairman Ben Bernanke hinting that yet another rate cut may be needed to bolster the economy, prospects look good for continuing declines in mortgage rates.
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