Mortgage interest rates continue to move as the stock market moves. Yesterday, mortgage interest rates were higher and so was the stock market. Today, mortgage interest rates are back down and so are stocks.
The big news of the day is that the Federal Housing Authority, or FHA, has decided to raise the up-front borrower costs for an FHA loan. The FHA is also seeking permission to raise the monthly mortgage insurance premium being charged. The good news to come out of today’s announcement is that the minimum monthly payment will be kept at 3.5%. The exact timetable for implementation will not be known until tomorrow, but we expect this to happen sometime this spring. Click on the link below for more information.
Changes for FHA Financing
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