The Treasury Department is considering a plan to drive mortgage rates as low as 4.5 percent. As rates are already at historic lows, the treasury feels people can refinance already into a low rate, but the main purpose of this program will be to get the housing market moving. A 4.5% rate would attract a lot of new home buyers which will hopefully help to reduce the available inventory. It will be interesting to see what the outcome will be over the next few weeks. We will keep you posted.
Labels: 4.5 percent, housing market, mortgage rates, treasury department