Tuesday, March 04, 2008

Raising Conforming Limits, Part 2

What's taking the new, lower interest rates so long to arrive? In part, the details have still not been worked out from last month's passage of the economic stimulus bill. Apparently, the first step will be determining median home prices. The Department of Housing and Urban Development has been given 30 days to publish median-home-price data from the date of the bill signing, so we should see those numbers in the next week. Fannie Mae and Freddie Mac still need to determine their criteria for guaranteeing the loans, too. In other words, these agencies will need to decide about minimum downpayments, borrower's credit histories, and fees. Sigh. Hang in there, borrowers.

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