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Freddie Mac: 30-year Fixed Mortgage Rate Hits Seven-week Low (Fox News)
Freddie Mac: 30-year Fixed Mortgage Rate Hits Seven-week Low
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MORTGAGES: Rates On 30-Year Fixed-Rate Mortgages Drop For A Fourth Week (Nasdaq)
CHICAGO (Dow Jones) -- The 30-year fixed-rate mortgage dropped below 6% on average this week, a seven-week low for the mortgage, according to Freddie Mac's weekly survey, released on Wednesday.
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Mortgage Lenders Report Boom After Fed Rate Cut (WCBS-TV New York)
Wall Street rallied again Wednesday thanks, in part, to a new plan to boost mortgage lending. Mortgage lenders are saying that business is suddenly booming. On Tuesday, a new Federal Reserve program drove down the rate on a 30-year fixed mortgage, from an average of 6.8 percent to 5.5 percent. The lower rate shaves $200 a month off the cost of a $200,000 mortgage.
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Mortgage Lenders Report Boom After Fed Rate Cut (WCCO Minneapolis - St. Paul)
Wall Street rallied again Wednesday thanks, in part, to a new plan to boost mortgage lending. On Tuesday, a new Federal Reserve program drove down the rate on a 30-year fixed mortgage, from an average of 6.8 percent to 5.5 percent. Unfortunately, a good number of homeowners and homebuyers tempted by the new low rates are going to find that they don't qualify.
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Ahead of the Bell: Analyst upgrades Bankrate (AP via Yahoo! Finance)
Increased refinancings, a decline in 30-year fixed-rate mortgage rates and an impending Web site relaunch may spark Bankrate Inc.'s business, a Citi Investment Research analyst said Monday.
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Interest rate drop opens door to refinancing (Austin American-Statesman)
The recent sharp drop in mortgage interest rates is creating a window for homeowners nationwide to refinance and providing an incentive to people who have been holding back on buying a house.
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Q: How will the government's plan this week to buy $600 billion in mortgage-related securities help homeowners? (Louisville Courier-Journal)
A: The Federal Reserve's plan is designed to help slow falling home prices and rising foreclosures, and possibly kick-start demand in the stagnant housing market. The average interest rate on a 30-year, fixed-rate mortgage Wednesday was 5.76 percent, the lowest it has been since February, according to HSH Associates.
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Rate drop could spur mortgage refinancings (The Record)
North Jersey mortgage lenders expect a surge in refinancings as a result of Tuesday's interest rate plunge, but are less optimistic about the government's ability to prompt a turnaround in home sales anytime soon.
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When ARMs make sense (Austin American-Statesman)
Borrowers generally hate adjustable rate mortgages, or ARMs, but this sentiment might be illogical, because ARMs often offer relatively low rates. After all, why would the average homeowner choose a high fixed interest rate for 30 years when he stays put for only seven years?
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Mortgage-rate drop not enough to shore up market (Chicago Tribune)
Mortgage-rate drop not enough to shore up market A seismic drop in mortgage rates sent borrowers running to their mortgage lenders Tuesday and gave those companies the best day they've had in months, years, maybe ever.
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