Rates have remained steady for the past two weeks at levels about .25% above all-time record lows. This despite the Fed’s easing off of mortgage bond buying. This past week the Fed bought $13.5b of mortgage bonds, the lowest amount since Week 1 of the program in January. The weekly averages have been $20-25b per week, and this has been the primary driver of low rates. Now we’re seeing the first signs of the Fed easing off their purchases to stretch their budget between now and March 30.
Below are concise summaries of three key regulatory updates that homebuyers and owners need to know. Attached is a revised version of my FHA Q&A to reflect the new February 1, 2010 FHA condo ‘spot approval’ deadlines noted below.