Senators call for swift action on Responsible Homeowner Refinancing Act

Congress looks to pass the Homeowner Refinancing Act soon.Acting on initiatives taken in the previous session of Congress, Sens. Robert Menendez of New Jersey and Barbara Boxer of California recently reintroduced legislation that has the potential to help millions of homeowners refinance at today’s historically low interest?rates.Menendez noted that while interest rates don’t appear to be at risk of increasing any time soon, they won’t stay where they are forever.”We need to bring much-needed relief now to hard working, responsible homeowners who are struggling to keep up with their high interest rate loans,” said Menendez. “We need to do this before interest rates go up again. It’s time that Congress finally put families first and give homeowners who have played by the rules a fair chance to refinance at today’s low rates.”He added that helping homeowners refinance will also serve as a boon for the economy overall, as it puts more spending money in the pockets of consumers.Boxer echoed Menendez’ sentiments, saying that removing some of the barriers that prevent people from refinancing is a “win-win-win” for consumers, government-sponsored enterprises like Fannie Mae and Freddie Mac and the country’s financial system.Homeowners would be hard-pressed to find rates lower than they are in the Houston real estate environment. According to the Texas Department of Housing and Community Affairs, rates for a 30-year fixed-rate mortgage average 3.7 percent with a 5 percent down payment on a $120,000 loan.
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