Looks like things have calmed down a bit, and hopefully Buyers will take advantage of this before the next storm hits.

Over the last two to three weeks we have been seeing a lot of volatility in the market and as a result we saw a major upward movement in the interest rates. Prior to that it was changes to the Underwriting Guidelines for many of the Loan Programs, especially Fannie Mae and Freddie Mac.  FHA saw some change as well in particularly to effort that were made to make the $8,000 Tax Credit available prior to Closing.

The end of last week and so far the beginning of this week we are seeing things calm down a bit.  We have not seen any major changes to the Underwriting Guidelines for a few weeks now, and interest rates opened up lower today, and hopefully have reached a happy medium for a little while.  But it seems that in the Mortgage Industry the slightest little thing can send thing off on a tail spin, that is why it is so hard to predict what the interest rates will do.  The only thing that we seem to know for sure is what they are right now, and some times right now only last for a few seconds.

Let's hope that the trend of the last few days will continue for a while longer, and bring about a new surge of buying.

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Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com