Mortgage Market Minute: April 2009

He is not a mortgage broker. But for a time, President Obama seemed to be playing one on television, urging Americans not to miss out on rock-bottom refinancing rates. "There are seven to nine million people across the country who right now could be taking advantage of lower mortgage rates," President Obama said, promising savings to average American families of $1,600 to $2,000 a year. "That is money in their pockets." The average rate on 30-year fixed mortgages was the lowest level since 1971, which the president used to bolster his argument for why refinancing is so important. Families will have more money to spend, which will help the economy. If that happens, the values of homes are likely to rise, which will begin rehabilitating the housing market.

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