“Rates on 30-year home loans fall to 5.09 percent (Washington Post)” plus 1 more |
Rates on 30-year home loans fall to 5.09 percent (Washington Post) Posted: 07 Jan 2010 08:26 AM PST The average rate on a 30-year fixed mortgage was 5.09 percent this week, down from 5.14 percent a week earlier, mortgage company Freddie Mac said Thursday. Rates dropped to a record low of 4.71 percent in early December, pushed down by an aggressive government campaign to reduce consumers' borrowing costs, but then rose steadily for the rest of the month. Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds. The Federal Reserve is pumping $1.25 trillion into mortgage-backed securities to try to bring down mortgage rates, but that money is set to run out next spring. The goal of the program is to make home buying more affordable and prop up the housing market. The central bank's policymakers have been conflicted about whether to expand or cut back a program intended to drive down mortgage rates and bolster the housing market, according to meeting minutes released Wednesday. Some Fed policymakers argued that the program might need to be expanded and extended beyond its current end date of March 31, arguing that the additional dose of stimulus would be especially needed if the economic recovery were to weaken. However, one member thought the program could be scaled back given the improvement in economic and financial conditions. Getting the housing market back on firm footing is a key ingredient to a lasting recovery. The collapse of the housing market, which dragged down home prices with it, was the catalyst for the longest and worst recession to hit the country since the 1930s. The average rate on a 15-year fixed-rate mortgage fell to 4.5 percent, down from 4.54 percent last week, according to Freddie Mac. Rates on five-year, adjustable-rate mortgages averaged 4.44 percent, unchanged from a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.31 percent from 4.33 percent. The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 point for 30-year and 15-year loans and 0.6 point for five-year and one-year loans. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
SBA loans available (The Brewton Standard) Posted: 07 Jan 2010 12:45 PM PST Businesses affected by last month's flooding can qualify low-interest disaster loans from the U.S. Small Business Administration. "This is the only assistance we could get for businesses and individuals," Escambia County Emergency Management Director David Adams said. "It's a loan, not a grant, but it is better interest rates than they could get elsewhere." Damage in the county to businesses and homes did not meet a threshold for assistance from the Federal Emergency Management Agency, but local governments are still awaiting an assessment from FEMA to see if they will receive help to pay for damage to roads and bridges and other flood costs. Adams said he does not expect an answer from FEMA until later this month. SBA officials will be available next week in Atmore and the following week in Brewton to assist businesses with their applications. "The SBA is strongly committed to providing the people affected by these storms and floods with the most effective and customer-focused response possible, to assist homeowners, renters, and businesses of all sizes with federal disaster loans," said SBA Administrator Karen G. Mills. "Getting our businesses and communities up and running after a disaster is our highest priority." Mills said the SBA loans were made available in response to a request from Alabama Gov. Bob Riley for a disaster declaration after flooding the week of Dec. 12-18. The declaration covers Escambia County as well as Baldwin, Conecuh, Covington and Monroe counties in Alabama and Escambia, Okaloosa and Santa Rosa counties in Florida. "Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property," said Frank Skaggs, director of SBA's Disaster Field Operations Center in Atlanta. SBA will have customer service representatives available in Atmore and Brewton this month to issue loan forms, answer questions and explain the process of filing applications. SBA representatives will be at the Atmore Public Library Tuesday, Jan. 5, through Friday, Jan. 8 from 8 a.m. to 4:30 p.m. and Saturday, Jan. 9, from 8 a.m. to 1 p.m. They will be at the Emergency Management Office at the Escambia County Courthouse in Brewton from 8 a.m. to 4 p.m. Monday, Jan. 11, and Tuesday, Jan. 12. Adams said SBA officials will be in Atmore for more days because that city saw more damage from flash flooding than Brewton saw from creek flooding. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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