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Mortgage rates took a dip to historical lows this week for a temporary period. Many people advertised 4.5% for a 30 year fixed and it was highly advertised. The key question is, points and lock terms. Most quotes were based on 15 day or 30 day locks but the process is actually taking 45 – 60 days on the conservative side. Lenders are behind from the last refi rush.
Bernanke announced that more money will be injected to support the mortgage market and stabilize lower interest rates for the long run. That will allow millions of homeowners to secure low rates with the Home Affordable Refi Program. More details are scheduled for release this coming week.
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The Mortgage Reel
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