5 Housing Trends In Spring 2011
Source: Bankrate.com | May 4, 2011
Is a housing recovery in the cards this spring? It's hard to know for sure. But if you plan to buy or sell your home in the coming months, here are five trends you should watch. Borrowers who want a bigger loan to buy a home or refinance an existing mortgage may need to act soon to avoid higher costs from lower mortgage limits. These lower limits mean borrowers will pay more in down payments or interest rates because they won't qualify for Fannie Mae, Freddie Mac or FHA loans. Loan limits vary by county, and the changes will vary by county as well. Each county has two maximum loan sizes: one for conforming loans, which lenders can sell to Fannie Mae and Freddie Mac, and the other for mortgages insured by the FHA. Those maximum loan sizes will be reduced Oct. 1. With 30-year fixed-rate mortgages hovering just above historic lows, does it make sense to get an adjustable-rate mortgage? An estimated 10 percent of borrowers will opt for an ARM this year, according to a recent Freddie Mac survey of 112 lenders nationwide. [Read this article]
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