The ongoing crisis in the financial markets continues to create a series of good news/bad news scenarios for consumers who either already own their own home or would like to buy one. So how does it affect mortgage rates?
Read the full story here.
Some highlights:
“Last Wednesday, the average rate on 30-year fixed loans was 5.73 percent, and mortgage bankers question how much lower it can really go.”
“Mortgage bankers say because homes have depreciated in value, credit scores need to be stellar.”
“One other warning from lenders: Don’t bother asking about refinancing for the purpose of taking cash out of the house because it’s largely off the table.”
September 20th, 2008 at 3:37 am
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