I’m gona’ get right down to business today cause’ 2 people unsubscribed yesterday after I started the column talking about my experiences of the weekend. Okay so not everybody likes talkin’ track. I’m going to warn you, don’t unsubscribe to my column, you could cost me my job.
DO NOT unsubscribe. It could cost me my job.
Mortgage rates have been more volatile then usual. A lot of it has got to do with the changes in the political atmosphere. Before Republican Scott Brown, the future could be predicted a bit easier. Right now, who knows what’s going to happen. Republicans are blocking Obama’s agenda. Obama said he wanted to freeze spending. Obama’s brand new budget announced after the spending freeze was detailed spends a whole lotta’ green backs. The Treasury is ending it’s buying of mortgage backed securities, credited with driving the mortgage rates down to 4.5%. Where to now? This kinda reminds me of a blind date, those never work out to well. Ed Ferrara’s got you covered though from the morning spike to the stabilization I was comfortably informed and will not lose a minute of sleep to speculation about mortgage rates. Ed reported yesterday afternoon mortgage rates stabilized after it appeared they could reach 5%. Read the fully story here.
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Shelley say it aint so’. (Sane people skip to the next paragraph) – FHA has changed guidelines requiring us less fortunate folks whose credit has been swamped from: maybe a disputed phone bill, a credit card opened with the ex girl friend that the witch ain’t payin on, a few blockbuster videos you sold on Ebay not realizin you had rented them… ya spent the cash n’ now Blockbuster even wants a piece of your pie, the 16 year old girl the lady down the street says is your daughter so you buy her a car yada yada yada one thing leads to another… YOU GOTA’ CREDIT SCORE BELOW 580.
FHA requiring bigger down payments for those with sub 580 credit scores caught a lot of media attention. Sheldon Levene, the godfather of FHA origination, says this news ain’t do a thing to the housing market. Why? Banks haven’t been originating FHA loans for borrowers with under 580 credit scores anyway. It was a phantom announcement! Read the full story here.