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Home Mortgage Rant

Home mortgages right now are so crazy. What should we do about them? All of a sudden, the Rich Dad Poor Dad thinking doesn’t seem so smart.

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Delinquencies accelerate in fourth quarter

Some bad news for you, it seems that delinquencies have risen again in the fourth quarter last year from the previous third quarter. At 4.6% this is the highest it has been since over 16 years ago, during the last major savings and loan problems.
In real estate delinquencies were over six percent in the fourth quarter up from 3 percent in the previous year.
What does this mean? People are falling behind on their housing loan payments! Their mortgages are in danger. While this statistic does not reflect the actual foreclosures or bankruptcies, this does indicate some of the things to come. Right? When people fall behind on their payments, that means their mortgages are in peril and what comes next? Foreclosures?

Fixed Mortgage Rates Fall (May 8, 2009)

From the Miami Herald:

Fixed mortgage rates fell for a third consecutive week, matching the record low reached earlier this month, driven by Federal Reserve Chairman Ben S. Bernanke’s plan to buy home-loan securities to bolster the housing market.

The average rate of a 30-year mortgage dropped to 4.78 percent, the lowest in records dating to 1970, McLean, Virginia- based Freddie Mac said today in a statement. The rate hit that level the week of April 2. This week’s 15-year fixed rate was unchanged at 4.48 percent.

Mortgage at or near four-decade lows are raising optimism that lower home-loan costs may spur home buying.

Home Mortgage Refinance

Should I Refinance

 

 

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Read the news carefully today. You never know what you're gonna get. For recommended reading materials on mortgages and refinance aspects and how to fix your deeds or just plain news on real estate, check out the new york times online. It's a very good source of information.