Whats Are the Markets Up To NowFreddie Mac's Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage (FRM) averaged 6.33 with 0.5 point which was six basis points lower than both the previous week and the average rate for the same time period in 2006.
The 15-year FRM averaged 5.99 percent with 0.6 point compared to the previous week when it averaged 6.08 percent also with 0.6 point. One year ago the average rate was 6.10 percent.
Teaser rate mortgages are now resetting and can add as much as $10,000 yearly to the mortgage payment. These teaser rates are generally good for 2- 5 years. What that means is increasing payments for many homeowners for quite a while to come. Expect more supply and foreclosures as people find it difficult or senseless to carry higher payments when their property is clearly not worth what it was. Today one in every 200 homes is being foreclosed nationwide On Balance, lower rates will not trump increasing supply....here's some help
Help is Here
If you are facing a foreclosure you should consider some of the following sites:
HUD Housing Counsels by State
HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages.