MORTGAGE RATES DIP
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Mortgage Term Current Rate Prior Rate
30-Year Fixed 4.98 5.03
15-Year Fixed 4.40 4.46
According to Freddie Mac, borrowers on average are paying .7 points. Loan fees are referred to as “points.” For example, if you are paying .6 points on a $100,000 loan your fees will be $600.
For the year, 70% of all home loans have been re-financings.
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You Have Limited Time to Negotiate
Right now lenders dealing like never before. Some lenders under pressure to modify loans because they received Governments TARP funds. Other lenders are receiving significant governments subsidies to modify home loans through the Home Affordability Plan.
Once lenders repay TARP loans or funding for the Home Affordability runs out, it may become more difficult to obtain lower payments. If you are considering a Loan Modification - Act Now.
If you believe your rights have been violated, you can file a fair housing complaint.