mommyv asked:


I was previously behind on my mortgage, and was allowed to do a loan modification to become current. I sent in a 3,300 down payment to be set up on a loan modification. Now I have a new 30 year fixed rate mortgage, and $13,125 in the escrow account.

Leonard

tardis_mom asked:


We would like to refinance our current mortgage and I was hopeful that the result of the Fed rate cut would be a drop in the mortgage rates. However, it seems like mortgage rates only dropped by about 1/4 % point (I was hoping to go down to about 5% on a 30 year fixed rate with no points with an excellent credit score). What determines whether mortgage rates fall and how much?

Mildred