Mortgage rates going down and down on clarkhoward.com

CLARKONOMICS: The federal government over Thanksgiving put up more money for the bailout. According to Bloomberg, funding for the federal bailout in total now stands at $8.5 trillion. That's 8,500 billion dollars!

Meanwhile, mortgage rates are down and may even go lower. There's a real possibility we'll see rates in the range of 4% for a 15-year fixed and around 5.25% for a 30-rate fixed. If you're in the mid 6% range or above, now may be the time to refinance. Of course, you'll need to have a decent credit score and some equity to do so.

The feds also hope to loosen up the student loan market, the car loan market and borrowing for small businesses. In related news, Clark isn't happy that the feds are trying to figure out a way to loosen up money in the credit card market. They're trying to get us out shopping with borrowed money. Just say no!

What others are saying

Crazy low
On December 17th my Credit Union was offering an interest rate of 4.25% for a 30 year fixed if you had 30% equity in your home. If you find a rate like this take the day off and do whatever you have too to get the paper work in. We messed around thinking tomorrow would be ok and 2 days later it was back up 1%. If you think you might want to refinance it is best to have the paper work setting at the bank.
By Stan @ 12/19/08 09:23:04 AMreport abuse
mortgage intrest rates
are now at 6% and going up last friday they made a jump... and as the fed's borrow more money they will go even higher...
By jack @ 12/09/08 06:29:56 PMreport abuse
F.D.I.C
After Morg.bail out, now comes the PENSION bail out . Watch the auto co.
be first. It's going to get worst.
By Bill moore @ 12/02/08 10:24:51 PMreport abuse
what might be around the corner?
If Congress keeps borrowing trillions to bail out every industry then the US is going to get hit hard with very high interest rates itself and we could see a return of Jimmy Carter stagflation with 20% interest rates on mortgages. We are planning on building a house in 1-2 years and would love to get a mortgage today while the rates are great.
By kat @ 12/02/08 07:31:18 PMreport abuse
mortgage "crisis"
All the tear-jerking news features notwithstanding, the vast majority of the people defaulting on mortgages are not folks who lost their jobs or got in a jam and are now in danger of being homeless. They are folks that were buying houses for a quick flip (and yes, some of them were "ordinary" folks). When the real estate bubble burst, they couldn't sell the houses and couldn't continue to make the payments. This was BEFORE their ARMs reset to higher rates. This business of the government providing low interest loans is pointless. These people have defaulted on their already low interest loans.

Frankly, if you are going to risk your savings on real estate speculation, then you take a risk. And you have to live with the results. I don't know why I (or anyone else) should bail them out.
By eb knott @ 12/02/08 03:55:30 PMreport abuse
Studen Loan Fraud Online
A classmate/ student applied to get a loan at www.tridentsolutionsllc.com and she ended up sending a moneygram for $900 to Canada as insurance (this company's policy) As you may notice there is no phone number to contact them. I have called the IC3.gov and complained for her in the meantime.
She was in the army and comes from a low income family. She borrowed this insurance money from students and friends -after learning that Sally Mae had denied her student loan. She thought she found hope with this ghost Trident Solutions LLC compay, and unfortunately it was a mistake.
By Ena @ 12/02/08 10:41:53 AMreport abuse
I Agree!
No more bailouts! We are in tough economic times because of extreme spending. What does the government do? Try to increase spending. Save and pay down your debt! That is the true way out of this mess. The government always does a good job making a bad situation worse!
By Hate Bailouts @ 12/02/08 07:46:38 AMreport abuse
No More Bailouts!
The Fed should stay out of the credit markets -- period. Their lose monetary standards got us into this mess. Why not give people more incentive to save instead of borrow?
By David @ 12/02/08 01:01:35 AMreport abuse

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Dec 01, 2008 -- Mortgage rates going down and down

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