Smart Borrower Blog

Archive for September, 2008

30 Year Rates Slip

Sep 5th, 2008 @ 5:26 PM by Alden Smith

Freddie Mac reports that mortgage rates slipped this past week, dropping to 6.35% in the week ending Thursday, down from last week’s 6.40% and the year-ago 6.46%.  Stability in the market right now is not the catch phrase as we would wish it to be.  These numbers are based the national average interest rate on […]

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Fed Rates Cuts Have Not Made Mortgage Money More Available, Boston Fed Chief Says

Sep 3rd, 2008 @ 9:14 PM by Amber Nelson

Dramatic interest rate cuts by the Federal Reserve over the last year have largely been ineffective in easing the system-wide U.S. credit crunch, according to statements Wednesday from Eric Rosengren, president of the Boston Fed. “Many business borrowers and consumers are finding their access to credit has diminished, and their cost of credit has risen, […]

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Buy And Bail – The Latest Fraud Tactic

Sep 1st, 2008 @ 4:54 PM by Alden Smith

Unethical mortgage lenders are not the only ones the market needs to be aware of. Many homeowners, stuck with an upside down mortgage, are attempting to defraud lenders with a strategy Wall Street has aptly named “buy and bail.” The tactic works like this – homeowners, who have a super-mortgage that they want to get […]

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