MORTGAGE RATES – Rates on 30-year mortgages dipped slightly this week to an average of 5.67 percent, the fifth decline in the past six weeks, according to Freddie Mac’s weekly nationwide survey.
ECONOMIC STIMULUS – The biggest winners in the economic stimulus plan now awaiting President Bush’s signature: homeowners in high-cost areas able to refinance their home loans at cheaper rates. According to economists, the bill’s mortgage market provisions are likely to help those who can take advantage of them more than the tax rebates of $600 per person.
MORTGAGES – If a bank can buy a mortgage loan at a substantial discount through a bankruptcy auction, why can’t the homeowner who carries that mortgage be able to do the same thing? A judge says there’s no legal reason that can’t happen, but banks say the costs would be too high.
SALES – Some sellers are trying a new tactic: connecting with other sellers who might agree to swap properties. The concept of trading homes temporarily for vacations has long existed, but now it’s being adapted as a home-selling strategy. While anecdotal evidence suggests the number of people doing this is still relatively small, it has popped up from virtually nothing in recent years.
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