As stated before about FHA mortgage costs going up in September, looks like HUD pushed back the increase in mortgage costs to October 4th. Still need to wait for the mortgagee letter to come out and make it official. Find out more at www.hud.gov.
Word to our government;
Please before making laws and regulations, consult with a panel of experts from the industry and listen to the actual feed back before making laws and regulations. I know our representatives have tons of people telling them what to do……..but please seek out experts first……and not just a few, have a panel of them. Perfect example is the new GFE that went from 1 page to 3 pages. The GOOD thing is this form makes the fees stay within reason from the time of application to closing so no surprise fees for borrowers. The BAD thing is you forgot to check how different states collect certain fees and the buyers actually get a credit for lets say taxes for the time the seller was living in the property. Also don’t forget FHA collects an upfront mortgage insurance fee up front that gets financed back into the mortgage amount if borrower chooses that option. Last thing, what if the seller was giving a credit on the sales contract? These credits do not show up on the GFE, so please fix it!
Well, here is a video the great guys at Thinkbigworksmall did about HR 600 House bill that is taking us right back to where we were doing loans before. Please make up your mind……seller to help the buyer out for down payment and closing costs or not help the buyer……..let us know please Mr. Government. 
Just like in an earlier post Mortgage Rates Will Rise, looks like demand is slowing down at least at the 5-year auction. The big one will be watching for the 10-year Treasury auction since they are the ones that are tied into mortgage rates. It will be very interesting over the next few weeks to see how the market will react about mortgage rates. Some are saying mortgage rates will stay the same and the market has already set the price. Others are saying that mortgage rates will be jumping up by maybe one whole percentage point. Only time will tell which way the mortgage rates will go, and we will not know for sure until we are fullying into April and after the 10-year Treasury note aution takes place then. Here is an article from CNBC, Hope this helps
The count down to the government tax credits only gives 60 days left until a sales contract needs to be completed by April 30th. Do you have a chance at part of this credit? Have you already bought a house and looking for this tax form from my previous blog? Well, lets take a look at some of the things you need to know that is happening right now in the real estate and mortgage market.
Hmmmm…..seems like I have been telling of this warning at my earlier blog post Predictions for 2010 <<<Click that link<<<, now others are saying the same thing. Don’t know how high they will go, but not really seeing rates staying at these levels too much longer.
Check out this article I found and let me know what you think.
Full article visit: http://www.cnbc.com/id/34513588
Mortgage rates have inched upward in the last weeks of 2009, and that trend will continue through 2010. The question is how high they will go.
“If you told me by the end of 2010 a 30-year rate was at 6 percent, that sounds about right,” says Mark Zandi, chief economist at Moody’s. “I don’t think there’s any question rates are headed up.”
Rates are still historically low heading into the new year. The average fixed rate on a 30-year mortgage was 4.94 percent the third week of December. But that’s higher from the record low of 4.71 percent the week of Dec. 3.
So far, it’s turned out to be a case of nowhere to go but up, says Lawrence Yun, Chief economist at National Association of Realtors.
For first time home buyers, this is a common question that is either asked or going through their minds. Hopefully I can give you some helpfull information to this question. Lets think of the reasons why people rent, and please add a comment so I can hear some more reasons.
Winter is usually a slow time during the homebuying season because of everything taking place near the end of the year. This year is different since you have a stimulus package for buying a home that ends in April, and mortgage rates that more then likely will go up near the end of March. Yes, mortgage applications should be up as people need to realize the time to act is now with all the government help. Hopefully people are listening Always good to speak with a professional and make sure to stay away from a lot of scam artiest. If it sounds too good to be true, walk away and take some time to think about it before acting. Below is a article found on Reuters. Hope you enjoy
Found this real good article from Diana Olick below with her Real Estate Predictions for 2010. Just wanted to high light the Mortgage section for rates and my previous post about Mortgage Rates Will Rise by End of 1st Quarter 2010 (March). Remember, with the FED backing away from buying Treasuries Securities by the end of 1st Quarter 2010, unemployment number possibly trending down, and housing stimulus programs nearing an end, then mortgage rates should move up. Also be listening to what the FED plans on doing about the over night rate because it can not say at 0% to .25% for much longer.
As posted in my last article Mortgage Interest Rates
Now, it has been announced that the FED will start to pull back from buying Treasury securities sometime around March 2010. Economics 101, if demand for these go down then price will go up and that means interest rates. The problem though with predicting anything in the financial market is that it is never just that ONE item that causes movement. There are a lot of other factors that will cause interest rates to change, and this is just one of those causes.
This is a common question that comes up and each situation a borrower might need a little bit more information depending on the underwriters opinion. Here is a general list to go by that will help your home loan or mortgage process go smoothly.
1. A fully executed agreement of sale for the property being purchased
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