Today's Mortgage Rates and News

The mortgage markets have opened up once again lower (higher rates) and 30 year fixed rate mortgages (conforming) are running in the 4.625% to 4.750% range while 5 year ARMS (conforming) are running in the 3.25% to 3.375% range. FHA / VA is at 4.75% today.

In mortgage news, believe it or not…the director of HUD is asking Congress to raise the minimum down payment on FHA loans from 3.5% to 5% and cut seller contribution back to 3% from its current levels of 6%...I thought this guy was an Obama guy…can’t see how this would be good for housing the market but I will keep you updated. On a brighter note!!! There is a bill floating through the US House which would eliminate HVCC (the appraisal reform that we all have had to deal with over the past several years)…my inside sources on Capitol Hill are telling me that this bill has some legs and could get passed before the end of the year!!! The elimination of this bill would allow us to pick our appraisers for you deals like we did in the past!!!

Want a great web page to find out what is going on in our business??? Go to www.thinkbigworksmall.com and click on the daily report. These guys do a daily show each morning!!! The news part is generally around 3 to 4 minutes long and it is entertaining!!! This is one of my favorites!!!