MortgageFit Blog

With the Federal Reserve planning to buy $600 billion of debt owned by Freddie Mac and Fannie Mae, mortgage rates have plunged to the lowest in the past 7 years. Average rates on 30 year fixed mortgages with no fees and closing costs have gone down to around 5.25%.

Earlier when rates have been going high, home resales have hung up. However, the Fed’s move to purchase Freddie Mac and Fannie Mae loans is expected to bring some positive changes in the housing market.

The Fed also intends to set up a $200 billion program in order to provide financial support to consumer and small business loans. However, it is expected that strict lending rules and growing job losses in a weakening economy will make it tough for markets to come across a revival, even though rates may go down further.

It’s not a matter of what rates one can afford. Instead, it’s an issue about the supply of homes which is quite high. Until and unless the supply and demand get normal, the market won’t see stability and revival.

Let’s just hope that the Fed will be able to deal with the market crisis by clearing the market of subprime mortgage securities, the primary reason behind the mortgage mess.

Our Community members have so far been rewarded with more than $1000 mentor dollars – it’s a great feeling to share this with you all!

Whether it’s a mortgage professional, an industry expert or a common guy, the members have put in their valuable contribution towards helping people in spite of their busy schedules. Their guidance has helped visitors in times of financial distress. And the visitors have time and again returned and acknowledged their support.

I really appreciate the way our community members have stood by each other in times of financial crisis and offered each other help and support! Be it mortgage or any related financial issue, the members have tried their level best to offer the right advice when in need.

I’m glad to say that we have a wide range of professionals participating in our community. And, with the help of their cumulative knowledge they have been able to help people get through financial troubles in their lives.

Our reward system reflects our appreciation towards the efforts put in by the community members in helping each other. I believe the system has been good enough to encourage people to participate in the community activities.  We shall keep improving the reward system so that we can encourage more and more people to participate and be an active part of this community.