Arizona Mortgage Rates for October 3, 2008. (BK-0907309)
Mortgage Related News For The Week:
The big news this week was whether or not the Emergency Economic Stabilization Act of 2008 would pass or not. Early in the week, the House shot the bill down only to have it pass in the Senate later in the week and return back to the House for another vote.
We are predicting that the Bill will pass in some form, but some experts predict that even the passage of the Bailout Bill may not be enough to stave off a recession.
One result of this indecision in Washington is that rates are unpredictable and not following a “normal” market-driven pattern. Our friend Dan Green went so far as to write an open letter to Congress about how their indecision is resulting in rising rates when they should be falling.
We are still advising our clients to lock their rates as soon as possible.
One other newsworthy story is that the new FHA Hope for Homeowners program became effective October 1. This program was designed to help those who have negative equity in their homes cut their debt and get a mortgage that they can afford. We are hearing that very few lenders are actually participating in this program – so it remains to be seen how many people can actually benefit from it.
{ 1 comment }
If you are going to post rates you must disclose apr.
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