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It looks like there’s a “mini-wave” of mortgage refinancing that’s been pushing the rate of applications up to a six week high. But the home buyer tax credit doesn’t expire until the end of April, and that doesn’t apply to refinancing anyway, so why the rush? The rush may be due to the anticipated [...] According to this article from the AP, new home sales fell 7.6% last month. The Commerce Department said December sales fell to a seasonally adjusted annual rate of 342,000 from an upwardly revised November pace of 370,000. Economists surveyed by Thomson Reuters had forecast a pace of 370,000 for December. It’s mildly surprising given [...] It looks like home buyers looking to take advantage of the recently extended tax credit have a longer wait ahead of them than those who got the credit the 1st time around. Due in part to scam artists filing false claims, and the IRS being unprepared for the extension, it can now take months [...] It seems like only yesterday that we were hearing about Option ARM Mortgage rates resetting, and that holders of those loans were unable to refinance because their house was worth less than the mortgage…. Oh, wait… it was yesterday. Well, even so, things appear to be confusing in the housing market and mortgage [...] |
 
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