FEBRUARY 06, 2009
MORTGAGE RATES CLIMB, BUT STILL REMAIN VERY AFFORDABLE
The 30-year fixed-rate mortgage averaged 5.25 percent with an average 0.8 point for the week ending 02/05/09, up from last week when it averaged 5.10 percent. Last year at this time, the 30-year FRM averaged 5.67 percent.Click Here for more details. Click Here for historical rates.
SENATE ADDS $15,000 HOME-BUYING CREDIT TO STIMULUS BILL
The Senate on Wednesday approved an amendment to the economic stimulus package that would provide a tax credit of as much as $15,000 to anyone buying a primary residence during a one-year period.Click Here for more details.
HOME VALUATION CODE OF CONDUCT
Effective May 1, 2009 a joint agreement between Freddie Mac, the Federal Housing Finance Agency to enhance the independence and accuracy of the appraisal process, and provide added protections for homebuyers, mortgage investors and the housing market. A lender will not accept any appraisal report completed by an appraiser selected, retained, or compensated in any manner by any other third party (including mortgage brokers and real estate agents).
Home Valuation Code of Conduct, Frequently Asked Questions.
Mike Paige
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