Mortgage Rates Fell to A New All-Time Low This Week

According to Housing Wire, the average rate for a 30-year fixed mortgage was 3.07%, down from 3.13% last week, based on data reported by Freddie Mac.

What does this mean for loan modifications? It depends on your servicer as well as the entity that owns your loan. Most likely, neither your servicer nor the owner of your loan is bank that actually originated your mortgage.

Lower interest rates mean that banks are looking to keep originating mortgages and may be able to offer lower interest rates as part of loan modifications.

It’s important to remember that not all banks have to follow the same rules, which are known in the industry as guidelines.

This is why it can be helpful to have a loan modification lawyer look over your application. An experienced lawyer can also help you if your application is denied.

Looking for a loan modification? You should start with our free guide.