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With reports on the Eurozone crisis continuing to look dismal, the news of an upturn in the US economy had no impact on stabilizing the prevailing mortgage rates. Average 30 year fixed mortgage rates remained low at 3.5% while 15 year fixed rates held at 2.87% (commercial real estate rates are higher but still near historical lows).
Property prices also continued to slide, with the only silver lining appearing in the form of mortgage refinancing applications increasing significantly at the end of 2011.
President Obama has a number of plans waiting in the wings to come to the rescue of struggling homeowners and landlords. Congress needs to give them the green light but market reactions to the preliminary details have been positive. Since all the plans will flow through the FHA, homeowners are looking forward to availing the lower rates offered by the FHA, along with lower down payment requirements. The FHA is particularly popular with first time home buyers because of providing these less demanding rates. Loan seekers with low credit scores are also able to avail loans from the FHA as the organization uses credit scores only to determine down payment and not the interest rates.
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