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Treasury Considers Plan to Stem Home-Price Decline
Wednesday, December 3, 2008provided by
Rates Could Be as Low as 4.5% for Newly Issued Loans
WASHINGTON -- The Treasury Department is considering a plan to revitalize the U.S. housing market by reducing mortgage rates for new home loans, according to people familiar with the matter.
The plan, which is in the development stages, would use mortgage giants Fannie Mae and Freddie Mac to bring loan rates down as low as 4.5%, a full percentage point lower than the prevailing rates for 30-year fixed mortgages.
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Government officials are under pressure to stem foreclosures, which underpin much of the current financial crisis. Treasury has struggled for months to come up with a plan that would ease the market without appearing to bail out homeowners and lenders.
Under the plan, Treasury would buy securities underpinning loans guaranteed by the two mortgage giants, which are temporarily under the control of the government, as well as those guaranteed by the Federal Housing Administration. Fannie and Freddie guarantee a large proportion of all new home loans made in the U.S.
Write to Deborah Solomon at deborah.solomon@wsj.com and Damian Paletta at damian.paletta@wsj.com
Rates
See today's average rates across the country.
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Loan Type Today Last Week 30 Year Fixed 5.06% 5.04% 15 Year Fixed 4.50% 4.51% 1 Year ARM 3.91% 3.94% 30 Year Fixed Jumbo 5.87% 5.86% 5/1 ARM 4.32% 4.40% 3/1 ARM 4.93% 5.02% Source: Bankrate -
Loan Type Today Last Week $30K Home Equity Loan 8.40% 8.32% $50K Home Equity Loan 8.30% 8.19% $75K Home Equity Loan 8.33% 8.22% $30K HELOC 5.19% 5.20% $50K HELOC 4.93% 4.93% $75K HELOC 4.93% 4.93% Source: Bankrate -
Loan Type Today Last Week 36 Month New Car Loan 6.70% 6.70% 48 Month New Car Loan 6.82% 6.82% 60 Month New Car Loan 6.86% 6.86% 72 Month New Car Loan 6.12% 6.12% 36 Month Used Car Loan 7.17% 7.17% 48 Month Used Car Loan 7.05% 7.04% Source: Bankrate -
Card Type Today Last Week Business Credit Cards 10.74% 9.74% Low Interest Credit Cards 11.97% 11.65% Balance Transfer Credit Cards 12.09% 12.13% Cash Back Credit Cards 12.49% 12.08% Instant Approval Credit Cards 13.32% 13.32% Reward Credit Cards 13.42% 13.29% Source: CreditCards.com
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