Just read this tonight...........
Industry groups have been pressuring President-elect Barack Obama and lawmakers to lend a helping hand to the housing market. The National Association of Realtors has called for Treasury to buy mortgage-backed securities. Also, a coalition of industry groups have banded together under the "Fix Housing First" banner to call for measures including tax credits of up to $22,000 and the creation of a 30-year mortgage, carrying rates as low as 2.99%.
Currently, Lobbyists are pushing the Treasury Department to consider a plan to purchase mortgage-backed securities in the hopes of driving mortgage rates to as low as 4.5%.
The increased demand for mortgage-backed securities would prompt mortgage rates to drop. That, in turn, would enable homeowners to refinance into lower-cost loans and make it cheaper for potential homebuyers to get into the market.
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Brad and Angela Lawrence
Brad and Angela Lawrence - Brokers/Owners/REALTORS
North Carolina Homes Realty, Inc.
Website: Greensboro Real Estate - Winston Salem Real Estate - High Point Real Estate
Toll Free: 866-220-6458
Brad's Cell: 336-909-1293
Angie's Cell: 336-909-2638
Fax: 866-233-4314
Email: nchomes2@gmail.com
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A higher interest rate was reported in WSJ - but either way it is good news.
No doubt, very good news!