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Obama urges homeowners to refinance due to record low mortgage rates
2009-04-09 16:56:49 (GMT) (Caymanmama.com - Real Estate News Top Stories News)
Bringing “good news” to the table during an economic downturn, President Barack Obama encouraged struggling American families to take advantage of the lowest mortgage rates on record
Fresno, California (CaymanMama.com) — Bringing “good news” to the table during an economic downturn, President Barack Obama encouraged struggling American families to take advantage of the lowest mortgage rates on record by refinancing their homes.
“We are a time where people can really take advantage of this,” Obama said at a gathering of homeowners who have already lowered their bills.
Thirty year mortgages rates have dropped to 4.78 percent on average, the lowest on record. However, rates have lowered by more than a full percentage point from a year ago.
“The main message we want to send today is there are 7 to 9 million people across the country who right now could be taking advantage of lower mortgage rates,” Obama said. “That is money in their pocket.”
The president urged Americans to take advantage of a government Web site — http://www.makinghomeaffordable.gov — to see how they can get help.
According to the Associated Press, “The president credited his own government’s efforts, in part, for contributing to a recent surge in refinancing. The collapse of the inflated housing market helped contribute to a meltdown in the financial sector and the broader economy, and millions of people have lost their homes or been at risk for foreclosure.”
Obama also warned the American public to keep an eye out for scam artists.
“If somebody is asking you for money up front before they help you with your refinancing,” Obama warned, “it’s probably a scam.”
CaymanMama.com - Press Release Distribution Service
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