Home Mortgage Loan Rates Up – Government Mortgage Plan Announced on March 26
Posted on | March 26, 2010 | No Comments
Home mortgage loan rates have been straight up over the last few days. Since Wednesday we have seen the 30 year fixed mortgage rate move from 4.75% all the way up to 5.05%. This is likely to continue as the 10 year yield is increasing drastically. Late yesterday we learned that the government is going to announce another mortgage plan today, March 26.
There are many Americans who have not had the ability to lock in to low home mortgage loan rates. Over the last 17 months 30 year fixed rates have been at or below 5.5%. Unfortunately, if you are underwater in your mortgage or you do not have a great credit score you are going to find it very difficult to lock in to a low rate.
With this being the case the government is stepping in and creating more opportunities for those who cannot get that lower monthly mortgage payment through lower mortgage rates. Today, March 26th, 2010, we are going to hear about the details of a new government program to help homeowners.
It is likely to be the case that this program will be similar to the principal reduction program that Bank of America released earlier this week. If you are having great difficulty making your mortgage payment you might want to check out the Making Home Affordable website on information about this mortgage plan.
Author: Jeremy North
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