Refinance, Homeowner | featured news

U.S. President Barack Obama is urging the Republicans in Congress to pass legislation that would help responsible homeowners refinance their mortgages at historically low rates.

Seeking to make Congress a major issue in his re-election bid, President Obama called on lawmakers today to pass a bill designed to help struggling homeowners re-finance their properties.

Obama is expected to announce a fresh bid to revive the housing market—despite likely congressional opposition—by letting millions of homeowners refinance their mortgages.

On recent initiatives, President Obama used his executive authority rather than seeking legislation... During a three-day Western trip that ended Wednesday, Obama announced initiatives that could help 1.6 million college students repay their federal loans, 1 million homeowners meet their mortgage payments, and 8,000 veterans find jobs.

A leading housing regulator on Monday announced changes to a government refinancing program that could help up to one million homeowners whose homes are worth less than their mortgage.

The Obama administration is considering a program to let millions of homeowners refinance at today’s rates.

Fixed mortgage rates have fallen to their lowest levels of the year, giving Americans more incentive to buy homes or refinance their loans. Freddie Mac said Thursday the average rate on the 30-year loan fell to 4.63 percent from 4.71. The average rate on the 15-year fixed mortgage slipped to 3.82 percent from 3.89 percent. Both are at their lowest points since December. It marked the fourth straight weekly decline.

The plight of homeowners unable to refinance despite massive aid to banks is a volatile political issue.