Real Estate News!

The latest information was sent to me from BOK Mortgage Banker, Karen Heston:

There are several changes occurring in the next few months that will impact interest rates and the cost of purchasing a home. So, do not procrastinate!
            

1) Upfront mortgage insurance premium on FHA will increase from 1.72% to 2.25% early April 2010                                        

2) Rates will go up! The Feds announced they will discontinue purchasing mortgage backed securities at the end of March 2010 - those purchases have kept rates down over the last year

3) Tax credit ending - contracts dated no later than April 30, 2010 and closing no later than June 30th, 2010