Average 30 Year Fixed Mortgage Rates Continue To Be Under 3.5%

Both Freddie Mac and BankRate.com in its latest survey announced that the average 30 Year Fixed mortgage rates continue to be under 3.5%. While Freddie Mac reported a rate of 3.37% with 0.7 in points, BankRate.com reported 3.46%. Per Freddie Mac, rates went down 3 basis points from last week while Bankrate.com rates actually went up from last week. In my own experience as a Loan Officer, I have seen rates going up from last week, so the Bankrate.com survey to me looks more accurate. Note that these surveys are for loan amounts…
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FHA extends 90 day flip rule for California Mortgages

FHA today extended the 90 day flip rule for California FHA Mortgage Loans. In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Federal Housing Administration (FHA) today extended FHA's temporary waiver of the agency's 'anti-flipping rule.' The extension announced today is intended to accelerate the resale of foreclosed upon homes in neighborhoods struggling to overcome possible property abandonment and blight. With certain exceptions, FHA regulations prohibit insuring a mortgage on a California home owned by the seller for less than 90 days. Early last year,…
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