Bush Freezes Sub-Prime Mortgage Rates

This week, President Bush reached an agreement with the mortgage industry to freeze rates for up to five years for qualifying people who bought houses in the last few years with subprime loans. The plan would allow distressed borrowers who are current on their payments to keep their low introductory rates (on their adjustable rate loans) and escape an increase of 30 percent or more in their monthly payments when the rates expire. This is a good step to help curb foreclosures around the nation and will hopefully give a boost to the real estate market. To read more on this story, check out this article in our local Clark County newspaper, The Columbian: Mortgage Rate Freeze Reached

Have a good weekend!

Chris Hyde
Mortgage Consultant