This chart from Freddie Mac shows the history of interest rates over my lifetime and should be an encouragement to just about anyone to get a mortgage.
FHA just announced that they will not extend the “anti-flipping” law past the end of this year. What that means is that FHA will no longer finance a property if the seller has not held title for longer than 90 days–unless of course the owner is them (HUD), Fannie, or Freddie, and certain non-profits.
On the economic reporting side, we have pretty good news out today across the board:
- Import Prices decreased 1.5% while Export Prices only declined by 1.0%
- 3,000 fewer people filed for unemployment last week than the week prior
- Retail Sales bumps up 0.7%, more than double last month’s gain