Well as we have been saying rates are starting to climb, and this week was no exceptions. Through out this week we have seen rates tick up just a little, due to some pretty good economic numbers:
Yesterday Labor Department indicated that claims fell by 37,000 for unemployment, down to 335,000, which is the lowest in the last 4 years. But I really need to see 2-3 months of this to start a trend.
Also yesterday, housing starts, expect to be up 3.0% were actually up 12.1%.
So Stocks have been rallying thus selling of bonds.
In a conference call I was on yesterday with Bond Traders, they indicate that Bonds are on the verge of starting their decline, which would increase interest rates. But it should be a slow and gradual increase. They were also concern about the run up in the stock market, indicating that we are due for a correction.
But we do have the upcoming Debt Ceiling and the Fiscal Cliff 2.0 both in March. Which will have an impact on rates.
Once again, we are recommending locking the rate as soon as you are able to.
Consumer Finance Protection Bureau
Well have last weeks 804 page bomb on the lender side, they dropped another bomb, this time on the Servicer Side.
Although this will not affect us too much here in Idaho, because we are a non-judicial state when it come to foreclosures. It is going to add some hassle to local lenders. Video below will give some more details.
In the next few weeks, we expect more rules and regulations to come out of the CFPB, including new Good Faith Estimates and new HUD-1 Statements.
I have seen the current proposed statements, and although not perfect, I do think they are better than what we currently have.
You can see them by following the LINK HERE.
IHA Still has GRANT Money:
IHA still has up to $8,000 in Grant Money for downpayment and closing costs assistance. There is income limits on it and they have to be a 1st time home buyer, or a Displaced Divorced Parent with children.
But it is a close as you can get to FREE money!
Give me a call for more info, I have a GREAT flyer for this program.