FHA Loan Limits in DC Metro Area to Return to $729,750
November 15, 2011 by Katie Wethman · Leave a Comment
Good news for our area: FHA is on its way to increasing their loan limit from $625,500 to $729,750 (its ‘temporary’ level prior to October 1, 2011). The measure would be in place through 2013. According to Reuters, a bipartisan panel of Congress agreed on a measure yesterday that would increase the limit. The increase [...]
Proposed Elimination of Fannie, Freddie May Boost Interest Rates; FHA Insurance Premium Set to Increase
February 21, 2011 by Katie Wethman · Leave a Comment
The administration has released a white paper saying it intends to wind down Fannie Mae and Freddie Mac and severely cut back FHA’s role in mortgage funding. Though the plan could take up to seven years to execute, it would mean a dramatically privatized mortgage market and very likely higher rates. The report offers three [...]
Proposed Changes All Point to Higher Interest Rates to Come
February 14, 2011 by Katie Wethman · Leave a Comment
The DC area mortgage market is about to get hit with a double whammy. Last week, the Administration proposed lowering the “jumbo” loan limit from $729,750 in our area (one of the highest cost housing markets in the country) to $625,500. Technically, the $729k limit was ‘temporary’ but it had been extended several times and [...]
Is the First Time Home Buyer Credit Coming Back?
August 30, 2010 by Katie Wethman · Leave a Comment
With the precipitous 27% drop in July housing sales, the first time home buyer credit is getting renewed interest from some heavy hitters in Washington, including Secretary of Housing and Urban Development Shaun Donovan, according to The Hill. Though admitting that just one month of numbers was too little data to say whether the credit [...]
This Month in Real Estate: August 2010
August 17, 2010 by Katie Wethman · Leave a Comment
This month in real estate explores why waiting for a further price drop–at the risk of rising interest rates–may not be the best plan. Rates are at a 50 year low today, at approximately 4.6%. On $179,000 purchase (I bet you DC area readers would love that price for a home?!) at 4.75% and 20% [...]
Just how important are today’s low interest rates?
August 12, 2010 by Katie Wethman · Leave a Comment
I work with a lot of first time buyers, who often ask me “How do we know the market won’t drop further? I think I should wait to buy.” My answer is always the same: I don’t have a crystal ball, but I look to the job market as a reliable leading indicator for the [...]
Mortgage Rates Hit Historic Lows: Should I Refinance?
July 16, 2010 by Katie Wethman · Leave a Comment
Back in 2008, I wrote a blog post about refinancing, and given that rates are once again reaching (new) historic lows–in the 4.5% range for 30 year fixed money up to $729,750!–I thought it was time to revisit, and update, the post. When deciding whether to refinance, the best thing to do is calculate the [...]
