30 year fixed rate mortgage nearing all time low.
The 30-year fixed-rate mortgage averaged 4.94 percent with an average 0.7 point for the week ending October 1, 2009, down from last week when it averaged 5.04 percent. Last year at this time, the 30-year FRM averaged 6.10 percent. The last time the 30-year fixed rate mortgage was below 5 percent was the week ending May 28, 2009, when it averaged 4.91 percent. More details --->
FHA borrowers may need bigger down payments in bill.
Representative Scott Garrett, a New Jersey Republican, is pushing a measure to recoup some of the FHA's losses by increasing the minimum down payment required for an FHA loan to 5 percent from 3.5 percent. More details --->
Only 60 days remaining for First Time Buyer Tax Credit.
First time buyers (have not owned a home in last 3 years) are still able to purchase with little to no money down and close by the program end date. But time is running out. More details --->
New GFE and HUD-1 requirements take effect 01/01/2010
HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement. New regulations take full effect on January 1, 2010.
Frequently asked questions.
New GFE form.
New HUD1 form.