FreedomWide- DEBT CONSOLIDATION, LOWER MONTHLY PAYMENTS, CONSOLIDATE DEBT

WASHINGTON (Reuters) - There are signs of improvement in U.S. housing markets but the idea of freezing mortgage rates would be a mistake, the director of the Office of Federal Housing Enterprise Oversight said on Friday.

“You’d really cause market dislocations,” said OFHEO director James Lockhart on CNBC television, when asked about a proposal put forward by Sen. Hillary Clinton, a contender for the Democratic presidential nomination.

“I think we’re going to let the market work and interest rates have come down dramatically and people are going to be able to refinance,” Lockhart said.

He said lower interest rates should make it somewhat less painful for holders of adjustable-rate mortgages who face “resets” to higher rates in coming months.
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Tags: , Mortgage Interest Rates

This entry was posted on Friday, March 28th, 2008 at 6:53 pm and is filed under Mortgage Interest Rates, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.