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February 2010
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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 ARMs [...]

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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 [...]