Obama’s 275 billion dollar housing plan

“When the housing market collapsed, so did the availability of credit on which our economy depends…We will help between seven and nine million families restructure or refinance their mortgages so they can avoid foreclosure,” Obama said.

The housing plan is meant to help homeowner’s who can’t afford to pay thier mortgage, sell thier properrties or refinance their properties because of declining market values. Read more

Refi madness

Falling interest rates are leading to a rush to get cheaper mortgages. Should you join in?

NEW YORK (CNNMoney.com) — Falling interest rates are fueling a mortgage refinance frenzy as homeowners rush to reduce their housing payments.

The average rate for a 30-year, fixed mortgage dropped to 5.08% last week, according to the Mortgage Bankers Association, more than a full point lower than just a month ago. Read more