Senators press for mass mortgage refi plan

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 · The Obama refinance plan can’t be imposed by presidential order. To become law, Congress must pass the President’s proposals. President Obama aims to build grass-roots support for his proposals and put pressure on Congress to offer relief to homeowners.

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Mortgage rates plummet to new lows Mortgage agency Freddie Mac says average 30-year mortgage rates hit 3.82% in June, the lowest level in nearly two years. This is one of the best times in history to refinance, but will rates stay low?

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How the Mass Mortgage Refinancing Plan Would Work. Apparently it would be modeled after a plan originally thought up by Columbia University economists Glenn Hubbard and Christopher Mayer. Every homeowner with a fannie/freddie backed mortgage would be eligible to refinance their existing first mortgage to a fixed rate of 4% or less.

With Republicans continuing to stall action on President Obama’s $447 billion jobs bill, the White House is taking action to help jump-start the economy with the message "We can’t wait." President.

Call 1-877-937-9357 or find a mortgage consultant in your area Calculate mortgage refinance rates and payments Use our home lending rate and payment calculator.

c. Extending streamlined refinancing for all GSE borrowers: The President’s plan would extend these steps to streamline refinancing for homeowners to all GSE borrowers. Those who have significant equity in their home – and thus present less credit risk – should benefit fully from all streamlining, including lower fees and fewer barriers.

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