Obama Stimulus plan - Mortgage rate of 4.0%?
I read this article http://news.yahoo.com/s/ap/20090206/ap_on_go_co/st...
saying that the votes didn't go through for the lower mortgage rate of 4.0 as part of Obama Stimulus plan.
If you read/heard of this stimulus plan, please share with me.
I am thinking of refinancing my mortgage with a lock in rate of 4.8% + 1 point that would expired end of this week. Should I go with this rate? What's the chances that the 4.0% rate stimulus plan would go through?
the $15,000 tax credit do not apply existing home mortgage.
- Ed AtunLv 71 decade agoFavorite Answer
This was the minority idea in Congress. They wouldn't approve the stimulus bill unless this 4% rate was included. It did not work. It was not included. If things get worse in the economy, we might see this done at 3.5% fixed for 30 years..
- Anonymous1 decade ago
My friend, take the rate you have! There is practically no chance of the 4% subsidized rate passing. Remember the saying, "A bird in the hand..."
Sorry for earlier response, I overlooked the refi part. That changes everything :-) I suspect there will be some incentives, hopefully we will hear from Geithner today or tomorrow about it.Source(s): School of Hard Knocks
- Jim ZLv 61 decade ago
It is still in negotiation. 4% rates will be a subsidized number. Unbelievable. If you get the 4%, be prepared to make up the difference in other ways. Nothing is for free.
- ErikaLv 43 years ago
Its no longer in basic terms approximately pork spending(porkulus invoice),yet in addition approximately increasing government and its intervention with the indoors maximum citizen and small corporation.absolutely everyone seems to be beginning off to awaken,yet Washington is doing its ultimate to push it with the aid of as rapid as conceivable.we are in basic terms now beginning off to determine the bailout that replaced into voted and handed on,wasn't quite needed,we weren't in as dire straights because of the fact the Gov't ,made it out to be.the bigger question is,if it extremely is the variety of super invoice,why is the left wanting the republicans to sign it additionally,I recommend in spite of everything,would not or no longer this is an mind-blowing victory if republicans weren't on the invoice?