Homeowners and prospective homeowners of Eustis, Mount Dora, and Tavares, Florida could see, as early as next week, rates on 30 Year Fixed Rate mortgages in the 4% range. This move could come about as a result of a push by Republican lawmakers to include this provision in President Obama’s $900 Billion stimulus package.
The strategy has two main objectives to help stimulate the economy. The first being to stop the falling housing market. By dropping rates below already historic low rates, prospective homeowners may jump on them to buy matching historic low housing prices. The second would stimulate consumer spending. Existing homeowners will be able to refinance (provided they are not already upside-down), thus lowering their monthly obligations.