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Ginnie Mae Offers A 40 Year Mortgage Modification To Struggling Homeowners
As the forbearance programs come to an end, Ginnie Mae is rolling out a new mortgage program that could provide a permanent solution for financially challenged homeowners. By extending the life of the mortgage, monthly payments are significantly reduced. The forbearance program enrollment ends in September, and this new option is expected to launch in October.
30 Year Fixed Mortgage Rate
|Today’s Mortgage Rate||2.947%|
|Change From Yesterday||+0.028|
|Change From One Week Ago||+0.051|
|Change From One Year Ago||-1.053|
15 Year Fixed Mortgage Rate
|Today’s Mortgage Rate||2.201%|
|Change From Yesterday||+0.004|
|Change From One Week Ago||-0.006|
|Change From One Year Ago||-0.501|
Today’s Financial Headlines
Ginnie Mae is hammering out the final details of a 40-year mortgage modification plan. The program is scheduled to launch in October, assuming that it receives approval from the federal housing agencies. This modification option could provide a permanent solutions for homeowners who do not have a clear path out of forbearance. Extending the life of the loan will cut monthly payments.
The current housing supply shortage has been brewing for the last 7 to 8 years, according to a chief economist. The problem is related to a slow down in new home construction. There is less demand for new construction, supplies have become more expensive, and there is a severe labor shortage in the construction industry. There are no short term solutions to this complex situation. Until the labor shortage is addressed, housing supply will remain low.
Home prices are surging, and yet people are rushing to buy. First-time home buyers and investors are bidding against each other, often inflating the value of properties in hot markets. New buyers are often caught off guard by the extra costs of home buying and ownership. Its important to make sure you can afford the mortgage you want. This guide shows you how to crunch the numbers.