During his speech to Congress on Thursday, September 8, President Barack Obama spoke intently on increasing the market for mortgage refinancings as a way to provide economic relief to the country's homeowners.
"We're going to work with federal housing agencies to help more people refinance their mortgages at interest rates that are now near 4 percent," Obama said in his speech.
By providing aid to "responsible homeowners," Obama believes more than $2,000 per year can be issued back to households, which may provide the relief that many consumers seek after seeing their property values decline rapidly since the recession.
White House officials relayed the U.S. Treasury has engaged in conversations with Fannie Mae, Freddie Mac and the Federal Housing Finance Agency regarding ways to broaden the refinancing market.
One U.S. official expressed that they are doing everything they can to assist the housing market and "remove the barriers that exist in the current refinancing program."
With mortgage rates declining to their lowest average ever, according to Freddie Mac, more potential homeowners in the Houston real estate market may enter the market. In addition, current homeowners may also seek to refinance their home loans to take advantage of these rates.
Courtesy of 2M Realty News