Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
Thursday, March 19, 2009
Rates are down again -- yes, even FHA rates
Conforming rates are down again. Even FHA loans can be had for under 5%! That's about three-quarters of a point lower than they were last month. Thanks to that, I expect that more buyers will be looking in the next few weeks and we can expect more multiple offer situations.
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Ever since the conventional mortgage market ran into financial trouble, FHA mortgage loans have been increasing as a more viable source of home financing because of the easier mortgage qualifying guidelines and relatively lower costs. The market share for FHA loans has jumped from a 3% share to about 30% of home purchase financing plus about 20% of home refinance loans.
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