Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 02/03/2012 list has been posted.
These are Single Family Homes ‘Active’ on the Birmingham MLS. These homes are ripe for the picking. DO NOT LET THEM PASS YOU BY…ACT NOW….BEFORE IT IS TOO LATE!!!
I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.
Just two days after President Obama detailed a proposal to enable millions of homeowners to refinance to record-low mortgage rates, those rates notched another record.
The 30-year, fixed rate fell to an average of 3.87% and the 15-year fixed dropped to 3.14% for the week ending February 2, both the lowest rates ever recorded in the 40-year history of the Freddie Mac Primary Mortgage Market Survey. the rates fell to new lows after the fourth quarter gross domestic product report last week showed that the economy was growing at a rate that fell short of expectations.
The plan, which requires approval by Congress, would allow borrowers who are current on their mortgage to save an average of $3,000 a year by refinancing into loans backed by the Federal Housing Administration.
A year ago, mortgage borrowers were thrilled to get 30-year mortgages averaging 4.81%. These days they’re finding ones nearly a full point lower. The difference in the monthly payments between a 4.81% loan and a 3.88% is about $54 for every $100,000 borrowed. For someone with a loan balance of $250,000 that comes to more than $1,620 a year.
But many of the borrowers that Obama’s plan would help currently have mortgages that carry interest rates of 6%, 7% or higher. If someone with a $250,000 mortgage carrying a 7% rate could refinance into a 3.88% loan, it would reduce payments by nearly $6,000 a year.