Mortgage Trends

According to MSN online there are trends in the mortgage area for this late summer season. The first, the Oklahoma movers found out, is that people don’t know what to expect. Interest rates are really low and predictions were off in terms of surging up home sales. Some are even saying that there might have to be an increase in interest rate for people to feel motivated to buy homes. Refinancing will not be available to many is another trend this season. Some homeowners just can’t refinance because their homes have depreciated so much. There are a few programs in place from the Obama administration, the Oklahoma movers found out, but refinancing is still not for everyone. Another trend regarding real estate and mortgages is that the FHA is getting stricter with rules and regulations. Back in August, it planned to decrease how much a seller can contribute to closing costs, from 6% to 3%. Other changes include a 10% down payment on a home instead of 3.5%. Fixed rate Jumbo loans are easier to get however they are still overpriced.