Posts Tagged ‘Mortgage rates’
* Mortgage rates plummet, but borrowers beware
Posted on September 10th, 2008 by City Home Mortgage Specialist. Filed under Commercial Mortgages, Home Mortgage Rates.
The takeover of Fannie and Freddie may make mortgage borrowing cheaper – but it won’t make getting a loan any easier. Mortgage rates have plummeted, but that hasn’t made getting a home loan any easier for most borrowers.
In the wake of the government’s takeover of Fannie Mae and Freddie Mac last weekend, the 30-year fixed rate has dropped from 6.26% last Friday to 5.79%. But only buyers with a credit score of 740 of above – and a 20% down payment – can qualify for such a low rate. During the boom, borrowers only needed scores of 640 to land the lowest rates available. Even a 580 score would get them very close to the best rate. Read the rest of this entry »
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