The good news is that mortgage rates have gone down since the first of the year and have crept down a little today. Retail sales data was good for December at 1,5 billion,however, it did not hit the two billion dollar mark that was expected. This is good news for housing, at least in the short run.
Upcoming changes may have a negative effect on monthly payments in the near future. Private Mortgage Insurance premiums are expected to go up in February. This will effect consumers who don't have 20% or greater to put down.
Loan level price adjustments are also changing in April. Pricing on interest rates for individual loans will be adjusted based on the amount of down payment and credit scores.
Customers on the fence about purchasing a home need to make a move soon. All of these changes could mean higher payments for borrowers.
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