Mortgages are at an all time low
SUSIE GHARIB: One thing that could help the housing market — low mortgage rates. For the second week in a row, the 30-year fixed remained at an all time record low. It’s stuck at 3.87 percent. That compares to 5.05 percent a year ago. Still, even with mortgages enticingly low, getting a loan these days can be a big headache. Suzanne Pratt takes a look at one woman’s quest for home, sweet home…
PRATT: The big unknown is what the more stringent loan process will do to the U.S. housing market. Some say the pendulum has moved too far in the wrong direction, making it too difficult for people to borrow and too hard for the housing recovery to build a foundation.
SORRENTINO: I think having this — going from so loose policy to so tight policy is not a good thing and there are people who can actually afford to buy a home and move on.
PRATT: Housing expert Andrew Barrocas disagrees. He says lending standards got too loose and now, they’re just right.
ANDREW BARROCAS, CEO, MNS: They are a lot more stringent than where they were, but they’re right about at norm of where they should be in order for banks to take the risk.
PRATT: Suzanne Pratt, NIGHTLY BUSINESS REPORT, Cliffside Park, New JerseyRecent Press · Television