You’re watching the Financial News Network. 30-year fixed mortgage rate is only 3.49% now. Freddic Mac’s record shows that’s the lowest it has been since the record began in the 1950’s. The rate on the 15-year fixed mortgage also dropped to 2.8% from previous week’s 2.83%. But regardless of the historical low rates, home sales remain weak. Unfortunately, many Americans who are not homeowners yet are having difficulty qualifying for loan or can’t afford the larger down payment amount banks require. But for the existing homeowners, this is a even better chance refi than ever. Do expect the refi to take 60 days or longer to close, compare to 30 days before the housing crisis. Also banks might experience a logjam given the expected spike in applications, so do make sure to lock in the low rate even if the process takes longer. Share your story on your mortgage with us, you can send in your comments to our show or tweet us. I’m Julia Sun, follow us online for more up-to-date news on the go.
From FNNO.com, this is the Financial News Network. I’m Cleo
Stiller-Farrell and this is your Midweek Market Wrap Up. The British
Bankers’ Association, which has the supervisory role of setting the
influential Libor rates, announced that it would be willing to give up
its...