Happy New Year!
I hope you had a great holiday. I know I did! I am back and renewed with new ideas for 2008.
Here is the latest update from Mickey, Mortgage Extraordinaire, for this week:
A disappointing report on the level of US manufacturing activity sent stocks lower and bonds higher on the first trading day of the new year. This has resulted in an improvement in mortgage rates. Currently, 30 year fixed rate conforming (<$417K) mortgages can be had for 6.00% to 6.5% without points. A borrower's actual rate depends upon loan size and creditworthiness.
Mickey also notes:
New and more restrictive loan-to-value guidelines continue to flow from Fannie Mae and Freddie Mac. This means higher down payments in many instances. These new rules are going to come into play in areas marked as "declining markets" by the appraisal and on all condos.
If you have any questions, contact me at: www.audreybutlerhomes.com
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