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Rates heading to 6% - Buyer tax credit to $15K? - Borrow FHA down pmt

Rates are headed for 6.00%. In just 2 1/2 weeks much of the Fed's work to drive rates lower has unraveled. 5 reasons they might retreat - and why they might not. /// The homebuyer tax credit may be expanded in a number of ways. Let's also hope the Nov 30 deadline gets extented (See below) /// You can now publish my newsletter on your website with ann RSS feed. Go here to do it. /// Make it a good week folks! - Paul
Congress weighs tax credit expansion
Legislation introduced in Congress Wednesday would expand the First Time Home Buyer Tax Credit to any purchaser and increase the maximum available to $15K. Read more.
Sources of FHA down payments
Did you know that a family member can take out a loan to gift the down payment, or that the home buyer is allowed to take out a fully collateralized loan for it? In all there are about 18 possible sources for FHA down payments. Check it out.

10 most undervalued cities
Homes in the majority of U.S. markets are undervalued right now, but housing prices may have yet to find a floor, according to IHS Global Insight. Here are 10 cities IHS finds the most undervalued.
Commercial mortgage defaults
The default rate on commercial mortgages held by U.S. banks may rise to the highest in 17 years in the fourth quarter as debt for refinancing remains scarce and the recession drags down rents. Read more
Rates hit 7-month high
For the week ending June 11th the 30-year fixed averaged 5.59% with an average 0.7% fees and points, up from last week when it averaged 5.29%, and increased again thereafter. This time last year it averaged 6.32%. "Higher mortgage rates are slowing refi's but not demand for home purchases. Over the 3 weeks ending June 5th, interest rates for 30-year fixed-rate mortgages rose nearly 1/2%. Applications for refinance fell each week during this period while applications for home purchases consecutively rose, according to the Mortgage Bankers Association" said Frank Nothaft, Freddie Mac vice president and chief economist. Freddie Mac rate surveys.

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Posted Saturday Jun 13