So Far So Good…
April 1st is here… We were expecting interest rates to jump by now due to mortgage backed securities no longer being purchased by the government. So far, we have seen nothing too scary.
April 4th is almost here when FHA mortgage insurance premiums will go from 1.75% to 2.25%. If you have a contract ratified by tomorrow you better let your lender know ASAP!!! if you are going to using FHA financing. They will assign you an FHA case number that will stay with the home until settlement. This will even work with short sales or new construction if they settle within 120 days.
April 30th will be here before you know it when the first time buyer tax credit will lock its doors to those not under contract.
Nevertheless, so far things are much better than we would have expected. Keep in mind, mortgage insurance used to be 2.25% and rates at 6% are still great. There is your update.
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