Pete Cannon

Mortgage rates remain at low levels and are near 5% on a 30 year fixed loan. FHA refinancing has increased as people are able to streamline their FHA loan into a newer FHA loan at today's lower rates. A FHA streamline refinance is a great program for people currently on FHA loans. Credit and income are not qualifying factors when going from FHA to FHA. In other words if you do right by FHA they do right by you. This presents a tereffic opportunity for people who may be at 6.5% or so to lower their overall monthly payments and save thousands of dollars in interest charges. An FHA is also a tereffic tool to buy a new home. You can get a 30 year fixed rate mortgage with as litle as 3% down if it closes this month or just 3.5% down to close in 2009. Happy Holidays!

Mortgage rates fell Tuesday afternoon in Wisconsin to below 6%. News of a $800 billion capital infusion was released before the markets opened today. The 10 year bond was approaching 3%, a level not seen in years. Long term no one knows where rates will be but there is plenty of speculation that the cost of financing will have to increase to pay for all the deficits we are accumulating with every capital infusion into the credit markets.

The local food pantry needs your help. http://www.foodpantryofwaukeshacounty.org

Now that the election is over perhaps some fence sitters will have one less concern about purchasing a home. Mortgage rates have dropped dramatically in the last 48 hours and are approaching 6.0% again.

The Dow today unfortunately was down 500 points at one point. A jobs report will be released Friday which will have a significant impact on the future direction of mortgage rates. FHA loans, which allow up to 96.5% financing remain popular. Already market watchers are worrying about who Obama selects for Treasury Secretary.

We have been enjoying beautiful unheard of November weather in Wisconsin lately with no significant rain and above average tempatures. Enjoy the day!

Mortgage rates improved this week as earnings reports and other news was released. The 30 year fixed rate mortgage rates is approaching 6.0% again and the 15 year has dropped below 6%. This is good news and will allow more borrowers to afford to purchase. The difference in payment on a 150,000 mortgage between 6% and 6.5% is about $46 dolllars a month or more than $16,000 over the life of the loan.