We are happy to be bringing you the Arizona Mortgage Rates Report right here every Tuesday! Tune in each week to see what the current mortgage rates report looks like as well as a brief excerpt of a mortgage-related topic.
Mortgage Tuesday News
With the passage of last week’s Emergency Economic Stabilization Bill of 2008, this week the financial markets are very volatile.
If you are currently in the market to purchase a house and have been working with your loan officer, we recommend that you lock your loan unless you enjoy gambling. The current mortgage rates market is not behaving anywhere close to "normal" and is generally trading on emotional swings – which makes it behave irrationally and very difficult (if not impossible) to predict.
FHA Hope For Homeowners
With the FHA Hope For Homeowners program effective October 1, we are getting lots of questions about the Hope for Homeowners program; how the program works, whether or not someone can qualify, what the process is, etc. Although the details are still coming into focus of how the program works with each lender (because it is a voluntary program, each lender seems to be handling it differently if they are participating at all)our friend Brian Brady does an excellent job of explaining some of the basics of the FHA Hope For Homeowners program. Because Brian doesn’t do FHA loans in Arizona, we have again covered some of the same information that applies to Arizona homeowners on out site.
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