Possible September 30th, 2010 Extension to Home Buyer Credit as Builders and Home Owners Struggle to Complete Home Transactions by the current June 30 2010 Tax Credit Deadline.
The U.S. Senate has approved a provision to H.R. 4213 (a jobs and tax bill) to extend incentives for first-time home buyers. The provision to extend the home buyer credit would give buyers an extra three months to close on their house. H.R. 4213 in it’s entirety still needs to be approved by the Senate (still under debate as of 6/28), before returning to the House for a final vote. Only when the bill is signed into law by the President, will the home buyer credit extension be official. Until then, home buyers must close by July 1st 2010 to qualify for the credit.
Monday, June 28, 2010
Saturday, June 19, 2010
Rates Today*
Conforming and FHA Loans | Rate | APR
30-Year Fixed | 4.750% | 4.939%
30-Year Fixed FHA | 4.750% | 5.497%
15-Year Fixed | 4.125% | 4.447%
5-Year ARM | 3.500% | 3.594%
5-Year ARM FHA | 3.250% | 3.150%
Larger Loan Amounts in Eligible Areas – Conforming and FHA.
30-Year Fixed | 4.750% | 4.886%
30-Year Fixed FHA | 4.750% | 5.442%
5-Year ARM | 3.875% | 3.679%
Jumbo1 Loans – Amounts that exceed conforming loan limits
30-Year Fixed | 5.500% | 5.643%
5-Year ARM | 4.625% | 3.954%
* courtesy of Wells Fargo
30-Year Fixed | 4.750% | 4.939%
30-Year Fixed FHA | 4.750% | 5.497%
15-Year Fixed | 4.125% | 4.447%
5-Year ARM | 3.500% | 3.594%
5-Year ARM FHA | 3.250% | 3.150%
Larger Loan Amounts in Eligible Areas – Conforming and FHA.
30-Year Fixed | 4.750% | 4.886%
30-Year Fixed FHA | 4.750% | 5.442%
5-Year ARM | 3.875% | 3.679%
Jumbo1 Loans – Amounts that exceed conforming loan limits
30-Year Fixed | 5.500% | 5.643%
5-Year ARM | 4.625% | 3.954%
* courtesy of Wells Fargo
Tuesday, June 15, 2010
Rates Today*
30 year fixed (Conventional): 4.75%
15 year fixed (Conventional): 4.0%
7 year Fixed ARM (Conv): 3.75%
30 year fixed (JUMBO): 5.25% (Up to 80%)
* courtesy of MetLife
15 year fixed (Conventional): 4.0%
7 year Fixed ARM (Conv): 3.75%
30 year fixed (JUMBO): 5.25% (Up to 80%)
* courtesy of MetLife
Monday, June 14, 2010
In the News.....
Banks Trim Emergency Borrowing From Fed*
Banks borrowing from the Federal Reserve's emergency lending program over the past week fell to the lowest point in more than two years, further evidence that credit markets are improving.
The Fed said that banks averaged $105 million in borrowing for the week ended on Wednesday. That was the lowest borrowing since it averaged $23 million for the week ended March 12, 2008, before the credit crisis struck with full force.
Loans from the central bank's emergency lending program, known as the discount window, had surged to a high of $110 billion a day during the height of the financial crisis in the fall of 2008. At the time, banks found their customary sources of credit frozen. The $105 million average borrowing for the week ended Wednesday was down from an average of $678 million in borrowing for the previous week.
With financial and economic conditions improving, the Fed has been winding down its special lending programs. The largest of these efforts is a $1.25 trillion program to purchase mortgage-backed securities issued by Fannie Mae and Freddie Mac in an effort to lower mortgage rates and provide a boost to the depressed housing market. The new report showed that those holdings averaged $1.11 trillion daily for the week ended Wednesday, up by $138 million from the average for the previous week.Some economists have worried that mortgage rates would start rising once the Fed's purchases of mortgage-backed securities end. But Fed officials have stressed that even after new purchases end, the central bank will be holding a sizable portfolio of these types of securities that will continue to provide support for the mortgage market.
*courtesy of Landover Mortgage
Banks borrowing from the Federal Reserve's emergency lending program over the past week fell to the lowest point in more than two years, further evidence that credit markets are improving.
The Fed said that banks averaged $105 million in borrowing for the week ended on Wednesday. That was the lowest borrowing since it averaged $23 million for the week ended March 12, 2008, before the credit crisis struck with full force.
Loans from the central bank's emergency lending program, known as the discount window, had surged to a high of $110 billion a day during the height of the financial crisis in the fall of 2008. At the time, banks found their customary sources of credit frozen. The $105 million average borrowing for the week ended Wednesday was down from an average of $678 million in borrowing for the previous week.
With financial and economic conditions improving, the Fed has been winding down its special lending programs. The largest of these efforts is a $1.25 trillion program to purchase mortgage-backed securities issued by Fannie Mae and Freddie Mac in an effort to lower mortgage rates and provide a boost to the depressed housing market. The new report showed that those holdings averaged $1.11 trillion daily for the week ended Wednesday, up by $138 million from the average for the previous week.Some economists have worried that mortgage rates would start rising once the Fed's purchases of mortgage-backed securities end. But Fed officials have stressed that even after new purchases end, the central bank will be holding a sizable portfolio of these types of securities that will continue to provide support for the mortgage market.
*courtesy of Landover Mortgage
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