Mortgage rates plunge on the US market by Claudia Sonea

U.S. has done it again! Indeed the Americans have always taken advantage of Europeans’ naivety. After complaining that the Euro is depreciating too fast on the market and that they will support the EU to overcome the recession, US residents are now feasting on the European debt crisis. At the end of 2008 and the beginning of 2009, the recession and the homes’ sluggish market left many people without a home as they were not able anymore to pay the mortgage. With bailout plans from the government, the market managed to get back on tracks and now with the euro’s value depreciating, it is seeing an increase in demands for loans and refinances. As mortgage rates are getting lower and lower, the refinance becomes more and more appealing. However, those looking to get a lower loan rate will have to pay some fees that will be included in the loan and make a down payment of at least 3.! 5 percent. The loan rates are attracting more people in to buying houses or getting a refinance and that all this is caused by the euro’s instability, by the Greek crisis and by the fears about a possible war between South and North Korea. Why would then US be affected by euro’s fall on the stock market? In fact, U.S is the one fueling the conflict between South and North Korea and it is no surprise as it is the primary beneficiary of the current situation. When will the other countries stop letting US control everything? When will Europeans say that they will no longer allow Americans interfering in other countries’ affairs? China showed the world that US can be politely refused and our leaders should follow the example.

related story (sgx17423): http://news.yahoo.com/s/ap/20100527/ap_on_bi_ge/us_mortgage_...

by Claudia Sonea for Cantell TV (http://cantell.tv)

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