Mortgage rates keep falling
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Quoted again in Bankrate.com’s daily blog. See link Below
Excerpt from artcile:
Rates fell amid financial turmoil in Europe and a disappointing June U.S. employment report, released last Friday. The economy shed 125,000 jobs, hourly earnings fell and the average workweek shrank by six minutes. Ted C. Jones, chief economist for Houston-based Stewart Title, calls it the triple witching hour of bad employment news.
“We have 19 million vacant housing units in the United States, and I’m afraid it’s going to put some more of them on the market,” Jones says.
Jones says he has a suggestion for stimulating the economy: “If I had it my way, we would allow anyone who’s current on their loan today to refinance at current market rates, even if they’re under water, he says, calling it “a great way to get money in the pockets for people to recover from this economy
For the full article: Mortgage rates keep falling