Mortgage rates down, but can you get one? - Inman News Report

Inman News reports a rise in mortgage applications as interest rates have fallen "since the Federal Reserve said it would spend $600 billion to buy mortgage-backed securities and debt issued by Fannie Mae, Freddie Mac and Ginnie Mae, but tightened underwriting standards mean many people won't be able to take advantage of them."

"The Mortgage Bankers Association said applications for refinance loans shot up 203 percent on an adjusted basis for the holiday-shortened week ending Nov.28. Applications for purchase loans were up a more modest 38 percent."

"But," warns the report, "tightened underwriting standards will disqualify many with less-than-stellar credit scores, and an estimated 12 million homeowners who owe more than their homes are worth may also find it difficult to purchase or refinance a home."

Well, here's to anything that gets this market going. It's worth a wait and see attitude.

Reprinted with permission of Inman News.

Stephen M. Flatow

Vested Title Inc.,648 Newark Ave., P.O. Box 6453, Jersey City, NJ 07306
Tel. 201-656-9220. Fax 201-656-4506.

E-mail vti@vested.com. Web www.vested.com

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