Nov
16
Fed Committed to Low Mortgage Rates for Refinancing
ByToday the Federal Reserve renewed their commitment to low mortgage rates in an effort to help the housing sectors rebound across the nation. Just a few months after the Obama loan relief rolled out the Home Affordable Refinance Program that enabled borrowers who were upside down refinance into a fixed mortgage up to 125% of the property’s value. The federal government continues their push for rate and term refinancing and it appears they will not let something petty like equity get in the way of qualifying for a refinance loan.
FHA mortgage rates remained below 5% on 15 and 30-year home loans again this week. While conforming and VA mortgage rates continued to hover the 5% realm for mortgage refinancing and new home purchase loans.
