I wanted to take a moment and provide you with a little market update since this morning has provided us with a more news tthen we probably wanted to know. The market has had a pull back of over 500 points and fears of a cooling market not only here in the U.S. but also in China. We have seen a little rebound, however at the close the market looks like it will finish at about 400 points lower today, marking one of the largest single day declines in the history of Wall Street. The NASDAQ fared much better however with only a 96 drop from yesterday's high.
The "GOOD" news is that the 10 year note that drives the 30 year Fixed rate dropped to 4.51% which was down .22 bases points off of yesterdays close of 4.73. Translated this means if you've got a loan in the process it's time to lock your rate tooday, or tomorrow. Rates should be positively impacted from the activity in the market place today.
A recent increase in FHA Limits for Single Family Residences has raised the limit for Clark County as of January 1, 2007 to $304,000, FHA loans are for Primary residence and must be a Full Doc loan.