Here are some quick updates from the world of real estate for this Friday afternoon:
- FHA upfront mortgage insurance premium will be rising in April meaning you must bring more of your own money to closing.
- FHA maximum allowable seller contribution will be decreasing in April meaning you must bring more of your own money to closing.
- Contracts must be in-place by the end of April in order to qualify for either of the government's two tax credit programs. The time to start looking for you new home is now.
- There are days when I feel like I am on a real estate roller coaster!
- Mortgage rates are expected to start rising as the FED starts to slow its' purchases of mortgage backed securities. According to Freddie Mac's chief economist that should still not exceed 6%.
- Mortgage refinances should drop this year. In 2009 refinances accounted for almost 2/3 of all mortgage originations. In 2010 this is expected to drop to about ½ or all mortgage originations.
- The Joint Center for Housing Studies at Harvard University predicts that homeowner remodeling activity will reach its' bottom in the first quarter of this year and will start to increase again during the final three quarters of 2010.
- Remember the open house at 3606 Windhill in Walden on Lake Conroe this Sunday (1/24/10) from 1:00-3:00PM.
- Remember when you think of Lake Conroe Real Estate think of Ron Wickes.
Have a great weekend!
Ron Wickes
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