Mortgage Rates have fallen for the third consecutive week. According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 5.14 percent with an average 0.7 point for last week. Last year at this time, it averaged 6.26 percent. Historically, mortgage interest rates have rarely, if ever, been better.
Some experts are hinting that no-doc loans may be returning to the mortgage market in the future. That's good news for buyers whose documentation doesn't show their complete financial picture. These loans, recently dubbed "liar loans", were dubious in many applications but, as many other mortgage programs, had their place in the overall market.
It sounds like the news is starting to get a little better for the market. Then along come Barney Frank and his compadres (aka Comrades) and want to create yet another agency, claiming that it's necessary for the proper oversight of our industry. This proposed legislation will create a Consumer Financial Protection Agency because the current laws regulating real estate and mortgages is, in their opinion, too lax. I think it was their dictates that got us into this mess in the first place. Now they're going to come along and save us from.......them? Stay tuned....
In the meantime, don't forget to visit our website at http://www.herbandeileen.com/
Thanks for taking the time to stop by and read my comments.
Herb
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment