Towards the end of 2008 there were rumors coming out of Washington that there were going to be 4.5% 30 year fixed mortgages for home buyers. A lot of potential borrowers, not necessarily purchasers, heard this news and are still sitting on the fence, waiting for that rate.
But nothing further has been said about that rate.
Establishing that rate as a floor now for home purchasing mortgage rates would help to move the housing market and stabilize prices.
Of course, some of these measures will promote some fraudulent intra family sales just to get the new rate.
I think that an aggressive lending program of 4.5% financing for people who have at least 5% of their own money ( even 4.5% of their own money) with acceptable credit scores ( 680 or above) would move the housing market.
Making clear that the rate of 4.5% is for purchasers, not those who refinance will move the refinancers to get into those rates that are now near 5% on 30 year fixed mortgage. Lower payments on mortgages are a constant stimulus of $100, $200, $300 or more dollars per month that are in the consumers wallet.
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