17 Dec 08 Home Lending Restoration? Fed Cuts Interest Rates
According to Mortgage Rate News, the Federal Reserve rate cut inspired lenders nationwide to lower mortgage rates to 5% for 30-year fixed rates for conventional home loans. The federal government made additional promises to promise to continue to buy bad credit mortgages in an effort to revive the struggling housing markets.
Brokers Network executive, Steve Park said, “The government commitment to protect struggling borrowers with new FHA loan program opportunities like, Hope for Homeowners should help restore consumer confidence and lows. The Feds confirmed more relief with the promise to buy bad credit mortgages in an effort to revive the struggling housing markets.
According to Kelly Media Group president, Jason Cardiff, “The fact the lenders are willing to provide loan modifications to homeowners that do not qualify for traditional or FHA refinancing is simply remarkable.” Cardiff continued, “The interest rate cut by the Fed clearly signals a monumental step by the U.S. to restore trust in our financial systems that should spur more market recovery globally.” Read the complet article > Mortgage Lending Systems Begin to Reform with Historic Rate Cut by the Fed .
Tags: 30-year fixed rates, conventional home loans, FHA loan program, FHA refinancing, Hope for Homeowners, interest rate cut, Jason Cardiff
