Dallas – North Texas home foreclosures have jumped 10 percent over the past year, and keeps climbing. With recent mortgage problems tied to bad sub-prime loans, the Federal Reserve this week announced a 3-quarter point interest-rate drop. So the best local mortgage rates are down to their lowest point in nearly 4 years.
Embattled Countrywide - with a huge local office - is advertising lower interest rates, hoping to drum up business. But Dallas Business Journal Associate Editor Chad Watt says that really depends.
Chad Watt: "If you have good credit and you've got a higher interest rate, they're right. If you have bad credit and are close to foreclosure, this doesn't help you very much"
Some economists expect the fed may drop interest rates yet again.