DEC 22, 2011
What We're Hearing

New Low for Mortgage Rates. So What!

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Another press release has arrived in my inbox, declaring a new low for mortgage rates. My initial response is: who cares! I don’t mean to sound like a jaded mortgage columnist, but the untold story on rates boils down to this: how come continued low rates have not caused home purchases to really boom? Well, I guess we already know the answer: a crummy employment picture (though it’s improving) and mortgages underwriting standards that are tighter than guitar strings. But one of these days – and maybe soon – a new class of nonprime lender may emerge to fund loans outside of the GSEs and FHA. How do I know this? There is thunder on the horizon…

Comments (9)
Someone once said: "It's the economy, stupid!"
Posted by Jim Picard | Thursday, December 22 2011 at 2:40PM ET
If we could ever get the Federal Government and politicians of both parties out of the way, those "Evil Banker" could take over and actually create mortgage programs that real borrowers actually want and can qualify for.
Posted by Doug Huggins | Thursday, December 22 2011 at 3:34PM ET
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