The Federal Reserve recently announced details of its plan to revive the housing market. The plan is called “Operation Twist.”
As a result of said announcement by the Fed, the average rates on conventional 30 year fixed mortgages fell to 4.01%. Rates on 15 year mortgages fell to 3.28%.
Operation Twist may lower these mortgage rates even further since the Fed’s stated objective of Operation Twist is to push long term rates down further. Especially since mortgage rates tend to track the yield on 10 year Treasury notes.
But low rates have done little to boost homes rates or refinancing to date. Indeed, recent reports are rather gloomy regarding sales to date. Moreover, banks are apparently ramping up their foreclosure efforts and pushing more homeowners into foreclosure.
All of this suggests a very difficult real estate market. Accordingly, struggling homeowners should contact our office to meet with one of our Miami foreclosure defense attorneys today. Those who are in danger of losing their home to a foreclosure should examine the situation, with the aid of one of our attorneys, in greater detail.
Homeowners have many alternatives available to them to fight a foreclosure or even shrinking home equity. But homeowners must be armed with as much information as possible to decide what is best for them regarding the ongoing foreclosure crises.