Mortgage Update
Sarah Rumney
Last week’s economic data did keep some excitement in the market place. Interest rates increased following the news of the employment rate dropping lower than expected to 10.0% (down from 10.2% in September/October). This and other positive economic news may cause the Fed to begin discussions about raising interest rates at this month’s meeting instead of in the early part of 2010 as previously expected. Unfortunately, as we see the economy gain strength, interest rates will continue to increase. I will continue to keep a close eye on this news and keep you updated.
A reminder regarding the home buyer tax credit – contracts for your first time home purchase must be signed by April 30th and closed by June 30th. Keep in mind that it takes 3-4 weeks to close a mortgage. You will want to have your mortgage pre-approval in place before you begin your home search. Call me to go through the application (just takes about 15 minutes). I’m here to be your number one mortgage resource. Please do let me know what questions you have or to get started.
This website will answer questions you may have regarding the tax credit http://www.federalhousingtaxcredit.com/ .
