The Obama administration's program to help people struggling to make payments has modified 487,000 mortgages, a month before the target date, the Treasury and Housing and Urban Affairs Department announced today.
So far, under the administration's Making Home Affordable program, 757,900 modification offers have been made. Under the plan, mortgage companies are paid $1,000 for each mortgage they modify and $1,000 annually for up to three years. The administration had hoped to hit the 500,000 mark by Nov. 1.
In addition, approximately 3 million people have refinanced their homes, the departments announced, because of low interest rates.
FreddieMac announced today that the average rate o a 30-year mortgage was 4.87%, down from 4.94% last week.
Last year during this week, the average rate was 5.94%.
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