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Friday, December 5, 2008

Low Loan Rates Aren't Reaching Pricey Areas

From Realtor Magazine Online, Daily Real Estate News December 5, 2008

Low home loan rates engineered by Fannie Mae and Freddie Mac aren’t helping borrowers in pricey areas or those who are upside down in their mortgages.

Jumbo loans remain at an average of 7.21 percent, according to financial publisher HSH Associates, which is 1.67 percentage points above rates for conforming loans.

The latest Fannie-Freddie/Treasury program "does not directly help jumbo mortgage borrowers, and it especially won't help the majority of delinquent, upside-down or poor-credit home owners who are going into foreclosure," says Greg McBride, senior financial analyst at Bankrate.com.

Source: Los Angeles Times, E. Scott Reckard and Maura Reynolds (12/05/08)
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