So despite what we hear, things are much better now.

Conventional 30 year fixed rate mortgages continue in the 6.125% range, depending on loan type and borrower strength. FHA/VA loans are improved and near 6.25 – 6.50%.

Here’s a quick comparison of the Great Depression and Today

Jobless rate – 25% vs. 6.1% today

Mortgage Default – 43.8% vs. 2.75% (foreclosure) and 6.41% (1 month or more behind)

Bank Failures – 40% vs. 15 banks year to date

So despite what we hear, things are much better now. With the Fed and Government agencies aggressively attacking the current problem, we’ll end up much better. Protectionism, high tax rates, and lack of government intervention exacerbated the conditions that led to the Great Depression.