Freddie Mac said yesterday that the average fixed mortgage rates have dropped to a record 3.89%. So why isn’t every Mortgage Broker and bank inundated with applicants?
Simply put….after lending money to anyone with a pulse, they now went to the opposite extreme and we are finding qualified buyers being turned down for 75-80% on conventional loans and on second homes, buyers are asked to put 50% down and provide other collateral.
It’s time for Mr. President to step in and balance the regulations so banks will be forced to lend money…a necessary step to not only boost housing but, in turn, boost the overall economy.