RATE UPDATE

Rates on conforming loans up to $417k and super-conforming loans up to $625k are down about .25% since the big Fed announcement last Wednesday—they were down further but have since retraced. Increases of super-conforming loan limits to $729k have still not been announced by Fannie and Freddie—it’s expected very soon. Rates on Jumbos from $729k to $3.5m are steady.

Last week, the Fed said they’d increase their mortgage bond buying program from $500 billion by June to $1.25 trillion by December. This will help keep rates low because mortgage rates drop when bond prices rise on buying rallies. But consumers shouldn’t assume rates will drop significantly from current levels. Here’s why:

Rates on loans up to $729k change all day everyday

With $110,000 in city funds available, now is your chance to get a new townhome at Vista on San Carlos. Funds are limited act now in order to advantage of the down payment assistance being offered. Their featured home, Homesite 10, has three bedrooms in 1,616 square feet and is priced at an attractive $509,880.  Models are open for viewing daily from 11 a.m. to 6 p.m. Interested homebuyers please call me direct to set up a showing.

Alongside the lovely, established Shasta Hanchett neighborhood and adjacent to the charming Rose Garden community, these superior two- to four-bedroom townhomes, ranging from 1,231 to 1,859 square feet of stylish living space, include elegant designer appointments such as granite countertops, warmly finished wood

By Julie Haviv

NEW YORK (Reuters) - After six years of renting in San Francisco, Kate Wilusz jumped at the chance to swap her tiny apartment for a roomy four-bedroom Victorian home. But she is paying a mortgage instead of rent -- and coming out even.

"I could not be more thrilled," said Wilusz, a financial planner who recently closed on the dream house with her husband, Charley.

In some U.S. markets, prices appear to have fallen enough to make buying cheaper than renting. Mix that with mortgage rates that are near record lows and renters who want to become buyers are rejoicing.

"The U.S. government is helping bail out those who bought at the top, but I got my own personal stimulus package through falling home prices and low interest rates on

RATE UPDATE

Rates on conforming loans up to $417k and super-conforming loans up to $625k have been about even for the past four weeks, but it looks like they’ll break downward thanks to new Fed action. Super-conforming loan limits to $729k will be phased in by most lenders in the coming weeks. Rates on Jumbos from $729k to $3.5m are steady. All rates below will likely be outdated by the time you read this.

Following the FOMC meeting today, the Fed announced that they’d expand their commitment to buying mortgage bonds to keep rates low. Between the original program announcement on November 24 and the time bond buying actually started January 5, rates dropped about 1.25%. Rates have held this line since then and the Fed has purchased almost $250

Here is more detailed information on the California new-home tax credit (we discussed this morning) and the very specific application process to apply for it. The below information comes from this CA government webpage: http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

Tax Credit for New Home Purchase

Last updated: 02/27/2009

We will update this information frequently. Please check this page often.

This tax credit is available for qualified buyers who on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date.

We will accept applications for

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