Mortgage rates continue to fall, national average at 3.66 percent!!! This is incredible and my gut feeling is they will climb as we get into spring. Remember the lower the interest rate the more buying power you have and less you pay!
Bill would require builders in Washington to notify neighbors of new construction. I think this is a great idea and very unfair to current home-owners to not let them know how this may effect their home, property taxes and resale value.
7 mistakes to avoid when buying a home.
FHA to reduce annual mortgage insurance premiums this is also hot news! Here is more information:
The White House has confirmed that the Obama Administration is directing the Federal Housing Administration (FHA) reduce annual mortgage insurance premiums from 1.35% to 0.85%.
“Today, the President announced a major new step that his administration is taking to make mortgages more affordable and accessible for creditworthy families,” according to a statement from the Whit House. “For the typical first-time homebuyer, this reduction will translate into a $900 reduction in their annual mortgage payment.”
Existing homeowners who refinance into an FHA mortgage will see similar reductions to their mortgage payments as well. In total, the action is expected to help millions of families save billions of dollars in mortgage payments in the coming years, helping to support the housing market recovery, according to statement.
“Any reduction in the mortgage insurance premium is welcomed news; however, 0.85% is still too high,” said Marc Savitt, president of the National Association of Independent Housing Professionals and The Mortgage Center, “HUD also needs to allow borrowers to drop the monthly insurance premium once the loan reaches 80% LTV. Lowering the costs associated with FHA financing, will allow more borrowers to qualify and afford the program.
My feeling on this? Its a welcome step in the right direction and my hope is it will allow more first time home buyers to enter the market and purchase a home.
Hope you enjoy Tuesday’s Tips and please as always feel free to ask me any questions. I also always would love to help an families or friends that are looking to buy or sell a home!
Snohomish County Homes INC