January 30. 2009
Mortgage Rates Hold Steady for Week
The 30-year fixed-rate mortgage averaged 5.10 percent with an average 0.7 point for the week ending January 29, 2009, down from last week when it averaged 5.12 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 5.68 percent.Click Here for more details. Click Here for historical rates.
Reverse Mortgages Now Available for Home Purchases
Seniors 62 and older can now obtain Reverse Mortgage (HECM) financing for the purchase of a primary residence. The purchase program allows for a single transaction by eliminating the need for a second closing. The program was also designed to enable senior homeowners to relocate to other geographical areas to be closer to family members or downsize to homes that meet their physical needs.
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Some Lenders Tighten FHA and VA Mortgage Rules
With government-supported programs now accounting for more than 87 percent of new U.S. mortgages, tighter standards by private lenders that outpace the requirements used by the FHA may erode a steady source of home financing
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Mike Paige