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Ryan Baker’s Mortgage Blog

As you have probably heard there are plans for another “bailout” for troubled mortgages. The help is for loans made by Fannie Mae and Freddie Mac, and to summarize the details borrowers must be at least 90 days behind to enter a streamlined modification program. Their payments would be adjusted through lower interest rates or longer repayment terms that would total no more than 38% of their monthly household income. A good article (click here), from explains the pros and cons to the plan. One thing in the article that sticks out to me is that while the big two companies own or guarantee 58% of all mortgages on single-family homes, these loans represent only 20% of serious delinquencies. This obviously isn’t going to be the cure, but another step forward.

I don’t think I have gone over rates in a while either. As always, they’re changing week to week and right now both the 5 year ARM and 30 year fixed are around 6.25%, with the 15 year just under 6%.

For all those football fans out there, this Saturday is the last regular season home game for Cal Poly. If you’re like me and haven’t had time to catch a game yet, now is your last chance.

If you have any mortgage related questions you can reach me at

Written by Keith Byrd - Go to Keith's Website/Profile