Not all mortgage news is bad news this week. Interest rates for conforming loans (those $417,000 and under) are dropping… and this is great news for homeowners whose ARM’s (Adjustable Rate Mortgages) were just about to reset. This means that they have a damn good chance of not facing the “F” word (foreclosure). While San Francisco homeowners seem to be better off than most, even here, some people got into some hot water.
Even better news… the Fed looks like it will cut mortgage rates even further at their meeting next week.
For more details, check out these two great articles:
Fed rate cut likely next week
Mortgage rates drop swiftly this week