I must say, I am impressed with the speed with which some of the President's programs from the Stimulus Package are hitting the market. It's quite a change from last year -- remember back in Feb 2008 how we were all in a lather about the new conforming loan limit going up to $729,750? Well how long did actually take before normal, everyday people were able to obtain those lower-rate loans? August? I can't recall because it just seemed to take bureaucratically and ridiculously long.
Anyway, first things first. The U.S. Treasury Department went live on March 19 with its "Making Home Affordable" program, which aims to help home owners refinance or modify their mortgages.
The campaign includes a Web site at makinghomeaffordable.gov as well as a telephone hotline number at (888) 995-4673.
The federal government is targeting 9 million home owners whose loans are held by Fannie Mae or Freddie Mac.
Secondly. Freddie Mac reported a drop in the 30-year fixed mortgage rate to 4.98 percent during the week ended March 19 from 5.03 percent the prior year, marking the lowest rate since 4.96 percent in mid-January.
Experts say rates could fall further in response to the Federal Reserve's announcement that it will add $1.2 trillion to the economy to alleviate the credit crisis.
