What Good Are Lower Mortgage Interest Rates If Banks Refuse to Qualify Borrowers?
February 19th, 2009
Even though banks have cut mortgage interest rates down to their lowest level in recent history, it will do very little for our economy until the banks ease the strain of their credit score requirements. The nation's real estate bubble popped as if someone took a needle to it, and available credit went into a deep winter freeze. The national average of home prices dropped more than 20 percent from the highs of 2006. Job losses are climbing, and the U.S. economy has been stewing in a recession since December 2007.