Current Refinance Mortgage Rates

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Goodnight, Jimmy Clausen. Various headlines, insights and stuff worth reading from here and there:

--Lou Barnes sees serious economic trouble coming, says the Fed’s statements lately reveal it to be ‘incompetent,’ but also sees a major silver lining: Things are so bad he expects repeat rate-cutting by the Fed, which will mean lower mortgage rates soon: ‘It is reasonable to expect fixed mortgages in the fives shortly, a boost to buyers and an escape for those who need a refinance escape.’

--Economist and comedian Ben Stein bloviates in the New York Times about the sub-prime crisis and notes the dishonesty of many borrowers: ‘What is often overlooked is that many borrowers, people who look at themselves in the mirror every morning, lied like madmen to get their mortgages.’

--Overlooked (by us) in yesterday’s Countrywide news, the L.A. Times goes to Baja California and finds a bursting bubble in the condo market that is burning numerous American investors. ‘Upward of 40% of the condos in some northern Baja projects were purchased by flippers who intended to resell them even before construction was finished.’ I can’t imagine those flippers will find much sympathy on this blog. (Is there a blog where flippers in trouble commiserate?)

--The L.A. Times also warns of foreclosure rescue scams, which are on the rise.

Thoughts? Comments? Insights?