Although many had hoped that the interest rates for bad credit mortgages would fall, the latest data indicates that the reverse is happening. It appears as though banks are trying to limit their risks with bad credit mortgages in any way that they can and rates are definitely going up. It is now almost impossible to get a bad credit mortgage, especially if you are trying to apply with a bank that is already embroiled in the housing crisis. Experts are recommending that those in need of a bad credit mortgage try their luck with smaller lenders or even private lenders, since these will be more open to an approval.”Mortgage rates jumped this week after a number of Federal Reserve officials, most notably Chairman (Ben) Bernanke, and Vice Chair (Donald) Kohn, expressed concern over a threat of inflation,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement.”The squeeze on mortgage funding has led many lenders to tighten their lending criteria. While tighter criteria make it more difficult for some borrowers to obtain a mortgage, they also reduce risk in a slower housing market,” said Michael Coogan, the director general of the CML
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