With mortgage rates hitting record lows, it may be time to think about refinancing.
The rate on a 30-year fixed mortgage with no points hit 5.01 this week, slightly up from 5 percent last week but down from 5.97 percent this time last year, and the 15-year fixed mortgage rate hit 4.46 percent, compared with 4.47 percent last week, according to the latest data released Wednesday from Bankrate.com. These rates are at, or close to, the lowest levels since the company’s tracking began in 1985.
At the same time, the Mortgage Bankers Association said interest rates on the 30-year fixed-rate mortgages it tracks fell for a sixth straight week, remaining below the 5 percent level, “widely viewed as a psychological tipping point” according to this article.
The record lows are thanks to a combination of the Federal Reserve showing no inclination to raise short-term interest rates and investors and foreign central banks maintaining a healthy appetite for debt issued or guaranteed by the United States government, said Greg McBride, Bankrate.com’s senior financial analyst. And they come as many homeowners are finding themselves owing more than their house is worth and are having trouble making mortgage payments.
There is also a limited-time government program that helps people to refinance if they are slightly underwater. The “Home Affordable Refinance Program” is not as widely discussed as the related loan modification program. And it has been criticized by some housing experts for helping financial players profit. Still, it aims to help homeowners who have a mortgage balance equal to or greater than the value of their home refinance and obtain more affordable monthly mortgage payments.
The program is available until June of next year to homeowners who meet certain qualifications, including having loans owned or guaranteed by Fannie Mae or Freddie Mac and having a first mortgage that does not exceed 125 percent of the current market value of the home. (See if you qualify and find out how to apply if you do here).
With the risk that rates may not stay this low for long and that the government program will end, “there is a window of opportunity” for refinancing that will not be available for long, Mr. McBride said. He recommended that those who think they may not qualify for the program to double check what their home is worth to confirm this. Then, even if you don’t ultimately qualify, he suggested considering trying to refinance anyway if you are paying a higher rate on a fixed-rate mortgage or have an adjustable-rate mortgage.
“Today’s record low mortgage rates represent an opportunity for homeowners to refinance at lower fixed rates or to trade out of an adjustable rate mortgage before an inevitable increase in rates and lock in permanent payment affordability,” he said.
Are you considering refinancing in this environment? Why or why not? If so, what kinds of problems and hurdles, if any, have you run into trying to refinance? (Find more information about mortgages here and more information about loan modifications here).
As some Americans sit around huffing and puffing and thinking small; as they continuously work on dividing and conquering the United States of America, the Association of Southeast Asian Nations (ASEAN) met last week and made moves toward uniting socially and economically in an EU-style community which would encompass half the world’s population.
So as we continue to fight amongst ourselves in America and dither on the brink of insanity and weaken our social and economic infrastructure instead of working together to make America better and stronger leaders at a summit of 16 Asian nations met in Thailand and listened as the prime ministers of Australia and Japan set out competing visions for a regional bloc that would boost Asia’s global clout.
A central question at their summit was what role that the United States and China would play in any future grouping.
Not wanting to miss out on the potential power that the Asian bloc of countries have, Russia has applied to join the East Asia Summit – a group that includes China, Japan, South Korea, India, Australia and New Zealand that works in conjunction with ASEAN.
In November U.S .President Barack Obama will hold the first ever summit with ASEAN leaders as well as attending the Asia-Pacific Economic Cooperation forum in Singapore to keep America relevant in Asia.
Some countries want the United States to be part of a future Asia regional framework as a counterbalance to China’s influence said one diplomat.
Japanese premier Yukio Hatoyama pushed his plan at the summit for an East Asian community that could “lead the world”. He said that he would not want to see an extensive US involvement with ASEAN or the East Asia Summit despite Tokyo’s close ties to Washington.
Australian leader Kevin Rudd’s vision for an Asia-Pacific Community by 2020 explicitly includes Washington.
“Whether we like it or not, I think we could not avoid a US role because the US is a big country which has powers both in economic and security matters,” said Chaiwat Khamchoo, an analyst at Bangkok’s Chulalongkorn University.
“Some countries in the region are suspicious of each other so they want the U.S. to play a role.”
After the distractions of Iraq and Afghanistan, the United States has only recently re-engaged with the region, particularly in Southeast Asia where Washington’s hard line on military-ruled Myanmar kept it at a distance.
With Japan kept busy by its economic woes, China has boosted its influence across the region in recent years, signing a free trade agreement with the 10-member Association of Southeast Asian Nations (ASEAN).
India has tried to play catch-up, belatedly signing its own trade pact with the bloc.
Earlier this year US Secretary of State Hillary Clinton announced that the “US is back in Southeast Asia”.
Asian leaders agreed at this weekend’s summit that they need some new framework to hold together their diverse and sometimes fractious region. A closer community would help Asia capitalize on its relatively quick recovery from the global economic crisis and to cut its dependence on the West to drive growth.
Thai Prime Minister Abhisit Vejjajiva said in his closing remarks to the summit on Sunday that the “old growth model in which Asia relies on consumption in the West will no longer serve us as we move into the future.”
Americans — united we stand, divided we fall. Let’s stand together and build a better and stronger U.S. of A!
The details President Obama outlines in this video are those that every American needs to know. No matter your political party or whether or not you have insurance, his plan for health care security and stability matters to all of us.
Millions of American citizens cannot get health insurance — and 14,000 are losing their insurance every day. If we do nothing, half of Americans under the age of 65 will lose their health insurance at some point in the next ten years.
That’s not right. Plain and simple. For Americans with insurance as well as those without it, inaction is not an option. In America, no one should go broke because they get sick.
Bottom line — health insurance reform will provide more security and stability to those who have health insurance, coverage for those who don’t, and will lower the cost of health care for our families, our businesses, and our government.
As the President says, now is the time to deliver the change we need on health care.
Please pass on this information to your family, friends and social networks.
“Every single one of you has something you’re good at. Every single one of you has something to offer. And you have a responsibility to yourself to discover what that is. That’s the opportunity an education can provide.”
“You can’t drop out of school and just drop into a good job. You’ve got to work for it and train for it and learn for it.”
Minutes ago President Barack Obama addressed students from kindergarten to 12th grade all across America. His speech had the right tenure and was uplifting and inspiring. I was inspired and I am many, many years removed from college. I know many people who are 20, 30 and 40 year old that needed to hear this speech. 🙂
I have to say that people who decided against having their children listen to this moving and encouraging speech are simply stupid – I am being polite.
How can a parent not want their child(ren) to be inspired? You never know what’s going to inspire a young person and as a responsible parent you have to expose them to all possible positive influences. But some of these same parents allow their children to listen to Pitbull, Miley Cyrus, New Boyz, etc who offer nothing remotely encouraging in their lyrics.
Education is important and this was a great and motivating way for students to start the school year.
What Sarah thought about President Obama’s speech:
Below is our President’s prepared speech which was delivered beautifully:
The President: Hello everyone – how’s everybody doing today? I’m here with students at Wakefield High School in Arlington, Virginia. And we’ve got students tuning in from all across America, kindergarten through twelfth grade. I’m glad you all could join us today.
I know that for many of you, today is the first day of school. And for those of you in kindergarten, or starting middle or high school, it’s your first day in a new school, so it’s understandable if you’re a little nervous. I imagine there are some seniors out there who are feeling pretty good right now, with just one more year to go. And no matter what grade you’re in, some of you are probably wishing it were still summer, and you could’ve stayed in bed just a little longer this morning.
I know that feeling. When I was young, my family lived in Indonesia for a few years, and my mother didn’t have the money to send me where all the American kids went to school. So she decided to teach me extra lessons herself, Monday through Friday – at 4:30 in the morning.
Now I wasn’t too happy about getting up that early. A lot of times, I’d fall asleep right there at the kitchen table. But whenever I’d complain, my mother would just give me one of those looks and say, “This is no picnic for me either, buster.”
So I know some of you are still adjusting to being back at school. But I’m here today because I have something important to discuss with you. I’m here because I want to talk with you about your education and what’s expected of all of you in this new school year.
Now I’ve given a lot of speeches about education. And I’ve talked a lot about responsibility.
I’ve talked about your teachers’ responsibility for inspiring you, and pushing you to learn.
I’ve talked about your parents’ responsibility for making sure you stay on track, and get your homework done, and don’t spend every waking hour in front of the TV or with that Xbox.
I’ve talked a lot about your government’s responsibility for setting high standards, supporting teachers and principals, and turning around schools that aren’t working where students aren’t getting the opportunities they deserve.
But at the end of the day, we can have the most dedicated teachers, the most supportive parents, and the best schools in the world – and none of it will matter unless all of you fulfill your responsibilities. Unless you show up to those schools; pay attention to those teachers; listen to your parents, grandparents and other adults; and put in the hard work it takes to succeed.
And that’s what I want to focus on today: the responsibility each of you has for your education. I want to start with the responsibility you have to yourself.
Every single one of you has something you’re good at. Every single one of you has something to offer. And you have a responsibility to yourself to discover what that is. That’s the opportunity an education can provide.
Maybe you could be a good writer – maybe even good enough to write a book or articles in a newspaper – but you might not know it until you write a paper for your English class. Maybe you could be an innovator or an inventor – maybe even good enough to come up with the next iPhone or a new medicine or vaccine – but you might not know it until you do a project for your science class. Maybe you could be a mayor or a Senator or a Supreme Court Justice, but you might not know that until you join student government or the debate team.
And no matter what you want to do with your life – I guarantee that you’ll need an education to do it. You want to be a doctor, or a teacher, or a police officer? You want to be a nurse or an architect, a lawyer or a member of our military? You’re going to need a good education for every single one of those careers. You can’t drop out of school and just drop into a good job. You’ve got to work for it and train for it and learn for it.
And this isn’t just important for your own life and your own future. What you make of your education will decide nothing less than the future of this country. What you’re learning in school today will determine whether we as a nation can meet our greatest challenges in the future.
You’ll need the knowledge and problem-solving skills you learn in science and math to cure diseases like cancer and AIDS, and to develop new energy technologies and protect our environment. You’ll need the insights and critical thinking skills you gain in history and social studies to fight poverty and homelessness, crime and discrimination, and make our nation more fair and more free. You’ll need the creativity and ingenuity you develop in all your classes to build new companies that will create new jobs and boost our economy.
We need every single one of you to develop your talents, skills and intellect so you can help solve our most difficult problems. If you don’t do that – if you quit on school – you’re not just quitting on yourself, you’re quitting on your country.
Now I know it’s not always easy to do well in school. I know a lot of you have challenges in your lives right now that can make it hard to focus on your schoolwork.
I get it. I know what that’s like. My father left my family when I was two years old, and I was raised by a single mother who struggled at times to pay the bills and wasn’t always able to give us things the other kids had. There were times when I missed having a father in my life. There were times when I was lonely and felt like I didn’t fit in.
So I wasn’t always as focused as I should have been. I did some things I’m not proud of, and got in more trouble than I should have. And my life could have easily taken a turn for the worse.
But I was fortunate. I got a lot of second chances and had the opportunity to go to college, and law school, and follow my dreams. My wife, our First Lady Michelle Obama, has a similar story. Neither of her parents had gone to college, and they didn’t have much. But they worked hard, and she worked hard, so that she could go to the best schools in this country.
Some of you might not have those advantages. Maybe you don’t have adults in your life who give you the support that you need. Maybe someone in your family has lost their job, and there’s not enough money to go around. Maybe you live in a neighborhood where you don’t feel safe, or have friends who are pressuring you to do things you know aren’t right.
But at the end of the day, the circumstances of your life – what you look like, where you come from, how much money you have, what you’ve got going on at home – that’s no excuse for neglecting your homework or having a bad attitude. That’s no excuse for talking back to your teacher, or cutting class, or dropping out of school. That’s no excuse for not trying.
Where you are right now doesn’t have to determine where you’ll end up. No one’s written your destiny for you. Here in America, you write your own destiny. You make your own future.
That’s what young people like you are doing every day, all across America.
Young people like Jazmin Perez, from Roma, Texas. Jazmin didn’t speak English when she first started school. Hardly anyone in her hometown went to college, and neither of her parents had gone either. But she worked hard, earned good grades, got a scholarship to Brown University, and is now in graduate school, studying public health, on her way to being Dr. Jazmin Perez.
I’m thinking about Andoni Schultz, from Los Altos, California, who’s fought brain cancer since he was three. He’s endured all sorts of treatments and surgeries, one of which affected his memory, so it took him much longer – hundreds of extra hours – to do his schoolwork. But he never fell behind, and he’s headed to college this fall.
And then there’s Shantell Steve, from my hometown of Chicago, Illinois. Even when bouncing from foster home to foster home in the toughest neighborhoods, she managed to get a job at a local health center; start a program to keep young people out of gangs; and she’s on track to graduate high school with honors and go on to college.
Jazmin, Andoni and Shantell aren’t any different from any of you. They faced challenges in their lives just like you do. But they refused to give up. They chose to take responsibility for their education and set goals for themselves. And I expect all of you to do the same.
That’s why today, I’m calling on each of you to set your own goals for your education – and to do everything you can to meet them. Your goal can be something as simple as doing all your homework, paying attention in class, or spending time each day reading a book. Maybe you’ll decide to get involved in an extracurricular activity, or volunteer in your community. Maybe you’ll decide to stand up for kids who are being teased or bullied because of who they are or how they look, because you believe, like I do, that all kids deserve a safe environment to study and learn. Maybe you’ll decide to take better care of yourself so you can be more ready to learn. And along those lines, I hope you’ll all wash your hands a lot, and stay home from school when you don’t feel well, so we can keep people from getting the flu this fall and winter.
Whatever you resolve to do, I want you to commit to it. I want you to really work at it.
I know that sometimes, you get the sense from TV that you can be rich and successful without any hard work — that your ticket to success is through rapping or basketball or being a reality TV star, when chances are, you’re not going to be any of those things.
But the truth is, being successful is hard. You won’t love every subject you study. You won’t click with every teacher. Not every homework assignment will seem completely relevant to your life right this minute. And you won’t necessarily succeed at everything the first time you try.
That’s OK. Some of the most successful people in the world are the ones who’ve had the most failures. JK Rowling’s first Harry Potter book was rejected twelve times before it was finally published. Michael Jordan was cut from his high school basketball team, and he lost hundreds of games and missed thousands of shots during his career. But he once said, “I have failed over and over and over again in my life. And that is why I succeed.”
These people succeeded because they understand that you can’t let your failures define you – you have to let them teach you. You have to let them show you what to do differently next time. If you get in trouble, that doesn’t mean you’re a troublemaker, it means you need to try harder to behave. If you get a bad grade, that doesn’t mean you’re stupid, it just means you need to spend more time studying.
No one’s born being good at things, you become good at things through hard work. You’re not a varsity athlete the first time you play a new sport. You don’t hit every note the first time you sing a song. You’ve got to practice. It’s the same with your schoolwork. You might have to do a math problem a few times before you get it right, or read something a few times before you understand it, or do a few drafts of a paper before it’s good enough to hand in.
Don’t be afraid to ask questions. Don’t be afraid to ask for help when you need it. I do that every day. Asking for help isn’t a sign of weakness, it’s a sign of strength. It shows you have the courage to admit when you don’t know something, and to learn something new. So find an adult you trust – a parent, grandparent or teacher; a coach or counselor – and ask them to help you stay on track to meet your goals.
And even when you’re struggling, even when you’re discouraged, and you feel like other people have given up on you – don’t ever give up on yourself. Because when you give up on yourself, you give up on your country.
The story of America isn’t about people who quit when things got tough. It’s about people who kept going, who tried harder, who loved their country too much to do anything less than their best.
It’s the story of students who sat where you sit 250 years ago, and went on to wage a revolution and found this nation. Students who sat where you sit 75 years ago who overcame a Depression and won a world war; who fought for civil rights and put a man on the moon. Students who sat where you sit 20 years ago who founded Google, Twitter and Facebook and changed the way we communicate with each other.
So today, I want to ask you, what’s your contribution going to be? What problems are you going to solve? What discoveries will you make? What will a president who comes here in twenty or fifty or one hundred years say about what all of you did for this country?
Your families, your teachers, and I are doing everything we can to make sure you have the education you need to answer these questions. I’m working hard to fix up your classrooms and get you the books, equipment and computers you need to learn. But you’ve got to do your part too. So I expect you to get serious this year. I expect you to put your best effort into everything you do. I expect great things from each of you. So don’t let us down – don’t let your family or your country or yourself down. Make us all proud. I know you can do it.
It’s really sad, the Republicans are completely irrational and are without compassion.
I don’t know about you, but, if I have traumatic brain injury, heart disease, cancer, influenza, pneumonia, diabetes, Alzheimer’s disease, chronic liver disease, cirrhosis or even a toothache I’m surely not going to my neighbor Bob for a cure – but that’s what the Republicans want Americans to do according to Senator Tom Coburn.
So I guess if you’re OK with getting your medical and dental care from Bob the Builder or Joe the Plumber the Republican solution will work just fine for you.
But, if you live in the greatest country in the world, in the new millennium and believe that in America all things are possible and that here in America we should have the best medical and dental care possible, with proper and adequate regulations in place, then I guess Healthcare reform is for you.
Call your elected officials and let them know that you want Healthcare Reform with a public option. Get up, stand up, don’t give up the fight!
Folks, if you believe in healthcare reform and want to see it implemented NOW is the time to speak-up!
Our elected officials MUST hear OUR voices.
Now is not the time to be dignified, poised and full of grace; now is the time to fight back. The other side is fighting dirty. Now is the time to speak up or forever hold your peace.
Contact your elected officials and let your voice be heard!
Don’t let them win; fight for your right to have a healthcare system WITH a public option.
Go to http://www.usa.gov/Contact/Elected.shtmland contact your Senators and Congresspersons. Let them know that you WANT healthcare reform with a public option.
Inaction will not work. Be the difference you want to see in America!!!
8 ways reform provides security and stability to those with or without coverage:
1. Ends Unfairness for Pre-Existing Conditions: Insurance companies will be prohibited from refusing you coverage because of your medical history.
2. Ends Very expensive Out-of-Pocket Expenses, Deductibles or Co-Pays: Insurance companies will have to abide by yearly caps on how much they can charge for out-of-pocket expenses.
3. Ends Cost-Sharing for Preventive Care: Insurance companies must fully cover, without charge, regular checkups and tests that help you prevent illness, such as mammograms or eye and foot exams for diabetics.
4. Ends Dropping of Coverage for Seriously Ill: Insurance companies will be prohibited from dropping or watering down insurance coverage for those who become seriously ill.
5. Ends Gender Discrimination: Insurance companies will be prohibited from charging you more because of your gender.
6. Ends Annual or Lifetime Caps on Coverage: Insurance companies will be prevented from placing annual or lifetime caps on the coverage you receive.
7. Extends Coverage for Young Adults: Children would continue to be eligible for family coverage through the age of 26.
8. Guarantees Insurance Renewal: Insurance companies will be required to renew any policy as long as the policyholder pays their premium in full. Insurance companies won’t be allowed to refuse renewal because someone became sick. Learn more and get details:
1. Reform will stop “rationing” – not increase it: It’s a myth that reform will mean a “government takeover” of health care or lead to “rationing.” To the contrary, reform will forbid many forms of rationing that are currently being used by insurance companies.
2. We can’t afford reform: It’s the status quo we can’t afford. It’s a myth that reform will bust the budget. To the contrary, the President has identified ways to pay for the vast majority of the up-front costs by cutting waste, fraud, and abuse within existing government health programs; ending big subsidies to insurance companies; and increasing efficiency with such steps as coordinating care and streamlining paperwork. In the long term, reform can help bring down costs that will otherwise lead to a fiscal crisis.
3. Reform would encourage “euthanasia”: It does not. It’s a malicious myth that reform would encourage or even require euthanasia for seniors. For seniors who want to consult with their family and physicians about end-of life decisions, reform will help to cover these voluntary, private consultations for those who want help with these personal and difficult family decisions.
4. Vets’ health care is safe and sound: It’s a myth that health insurance reform will affect veterans’ access to the care they get now. To the contrary, the President’s budget significantly expands coverage under the VA, extending care to 500,000 more veterans who were previously excluded. The VA Healthcare system will continue to be available for all eligible veterans.
5. Reform will benefit small business – not burden it: It’s a myth that health insurance reform will hurt small businesses. To the contrary, reform will ease the burdens on small businesses, provide tax credits to help them pay for employee coverage and help level the playing field with big firms who pay much less to cover their employees on average.
6. Your Medicare is safe, and stronger with reform: It’s myth that Health Insurance Reform would be financed by cutting Medicare benefits. To the contrary, reform will improve the long-term financial health of Medicare, ensure better coordination, eliminate waste and unnecessary subsidies to insurance companies, and help to close the Medicare “doughnut” hole to make prescription drugs more affordable for seniors.
7. You can keep your own insurance: It’s myth that reform will force you out of your current insurance plan or force you to change doctors. To the contrary, reform will expand your choices, not eliminate them.
8. No, government will not do anything with your bank account: It is an absurd myth that government will be in charge of your bank accounts. Health insurance reform will simplify administration, making it easier and more convenient for you to pay bills in a method that you choose. Just like paying a phone bill or a utility bill, you can pay by traditional check, or by a direct electronic payment. And forms will be standardized so they will be easier to understand. The choice is up to you – and the same rules of privacy will apply as they do for all other electronic payments that people make.
1. Coverage Denied to Millions: A recent national survey estimated that 12.6 million non-elderly adults – 36 percent of those who tried to purchase health insurance directly from an insurance company in the individual insurance market – were in fact discriminated against because of a pre-existing condition in the previous three years or dropped from coverage when they became seriously ill. Learn more:
2. Less Care for More Costs: With each passing year, Americans are paying more for health care coverage. Employer-sponsored health insurance premiums have nearly doubled since 2000, a rate three times faster than wages. In 2008, the average premium for a family plan purchased through an employer was $12,680, nearly the annual earnings of a full-time minimum wage job. Americans pay more than ever for health insurance, but get less coverage. Learn more:
3. Roadblocks to Care for Women: Women’s reproductive health requires more regular contact with health care providers, including yearly pap smears, mammograms, and obstetric care. Women are also more likely to report fair or poor health than men (9.5% versus 9.0%). While rates of chronic conditions such as diabetes and high blood pressure are similar to men, women are twice as likely to suffer from headaches and are more likely to experience joint, back or neck pain. These chronic conditions often require regular and frequent treatment and follow-up care. Learn more:
4. Hard Times in the Heartland: Throughout rural America, there are nearly 50 million people who face challenges in accessing health care. The past several decades have consistently shown higher rates of poverty, mortality, uninsurance, and limited access to a primary health care provider in rural areas. With the recent economic downturn, there is potential for an increase in many of the health disparities and access concerns that are already elevated in rural communities. Learn more:
5. Small Businesses Struggle to Provide Health Coverage: Nearly one-third of the uninsured – 13 million people – are employees of firms with less than 100 workers. From 2000 to 2007, the proportion of non-elderly Americans covered by employer-based health insurance fell from 66% to 61%. Much of this decline stems from small business. The percentage of small businesses offering coverage dropped from 68% to 59%, while large firms held stable at 99%. About a third of such workers in firms with fewer than 50 employees obtain insurance through a spouse. Learn more:
6. The Tragedies are Personal: Half of all personal bankruptcies are at least partly the result of medical expenses. The typical elderly couple may have to save nearly $300,000 to pay for health costs not covered by Medicare alone. Learn more:
7. Diminishing Access to Care: From 2000 to 2007, the proportion of non-elderly Americans covered by employer-based health insurance fell from 66% to 61%. An estimated 87 million people – one in every three Americans under the age of 65 – were uninsured at some point in 2007 and 2008. More than 80% of the uninsured are in working families. Learn more:
8. The Trends are Troubling: Without reform, health care costs will continue to skyrocket unabated, putting unbearable strain on families, businesses, and state and federal government budgets. Perhaps the most visible sign of the need for health care reform is the 46 million Americans currently without health insurance – projections suggest that this number will rise to about 72 million in 2040 in the absence of reform. Learn more:
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