| Fed rate cut awakens homeowners to the possibility of refis
Homeowners across the country are in a refi rebound. They're rushing to refinance mortgages at lower rates thanks to this week's surprise rate cut by the Federal Reserve. And the Fed has signaled it might think about more rate cuts which could send mortgage rates still lower.
The Fed's move was in response to economic concerns, but those worries and credit market developments have also been pushing mortgage rates lower. And that seems to have set off a light bulb for many homeowners regarding their home loans.
The rush to refinance could get another boost from the government's tentative economic stimulus package worked out by Congress and the White House.
According to Bankrate.com, 30-year fixed-rate mortgages now have an average interest rate of 5.57 percent, down from 5.75 percent last week and 6.32 percent a year ago.
1984 Republican Party Platform
This year, the American people will choose between two diametrically opposed visions of what America should be. The Republican Party looks at our people and sees a new dawn of the American spirit. The Democratic Party looks at our nation and sees the twilight of the American soul. Republicans affirm that now, as throughout history, the spiritual and intellectual genius of the American people will create a better nation and maintain a just peace. To Republicans, creativity and growth are imperatives for a new era of opportunity for all. The Republican Party's vision of America's future, the heart of our 1984 Platform, begins with a basic premise: From freedom comes opportunity; from opportunity comes growth; from growth comes progress.
Bush, mortgage industry may take drastic action
WASHINGTON, D.C. -- The Bush administration and the mortgage industry, trying to combat a massive wave of foreclosures, are hammering out a proposal to temporarily freeze interest rates on certain troubled subprime mortgages. If adopted, it would be the biggest action taken to cope with the unfolding crisis.The administration was still holding discussions on Friday, trying to work out details of the proposal, which could be unveiled as early as next week. Some indications of the outlines of the proposal may come in a speech Treasury Secretary Henry Paulson is scheduled to deliver to a national housing conference on Monday.“We're moving as fast as we can move," Paulson said Friday in an interview with ABC News. “We're doing everything we can to deal with a complex problem and help the industry come together in a way which is going to be good for homeowners, communities and the economy overall."The talks have involved all the federal banking regulators and major players in the mortgage industry such as Citigroup Inc., Wells Fargo & Co.
Stimulus Package: What's in and Out
Housing rescue: Making it easier for thousands of homeowners with ballooning interest rates to refinance into federally insured loans and allowing Fannie Mae and Freddie Mac to buy loans larger than $417,000. _Unemployment insurance: Extending benefits past 26 weeks. The White House wants to limit extensions to the handful of states with unemployment rates exceeding 5.5 percent. _Food stamps: A boost for benefits. WHAT'S OUT .
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