Mack's Blog

Long-term mortgage rates climbed above 5 percent this past week, as 30-year, fixed loans averaged 5.01 percent compared to 4.98 percent the previous week, according to Freddie Mac. Average interest on 15-year, fixed loans rose to 4.40 percent from 4.39 percent; and five-year, adjustable-rate mortgages climbed to 4.27 percent from 4.25 percent. One-year [...]

Beginning February 1, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.
*** BEGIN QUOTE *** “FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said [...]