Good afternoon,
Going to be really brief here.
Rates are looking good despite the bond market getting beat up most of last week. Mortgage Backed Securities are still holding their own. Of course that can change.
The rules continue to change:
As of May 15, 2009 there will be only one company through which to get Private Mortgage Insurance (PMI) with a debt to income ratio greater than 41% and that company will likely change its guidelines to match the rest of the industry.
What does that mean to you?
FHA loans will continue to gather a larger share of the mortgage purchase and refinance markets. Over the past 1.5 years FHA has gone from 4% of the marketplace to over 45%.
Cool Link regarding the recovery and the typical recovery patterns with great info regarding real estate.
http://bloomberg.com/apps/news?pid=20601087&sid=aVK2m3ibUH6o&refer=home
"Confidence among homebuilders rose in April to its highest level since October as record-low mortgage rates below 5 percent started to stir demand. Prices for home resales in March posted their biggest monthly gain since June 2005, with some regions seeing multiple bids on properties"
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