Inventory leveled off and sales remained steady as of the first week of February. Interest rates are lower, and the expected change in conforming rates for California should greatly improve the market. With the change, federal guaranteed 30 year loans of up to $729k will be available at rates of 5.75%, or about what the 5 year adjustable rates are now.
Lenders advise buyers to update your loan approvals letters now. If they are over 2 weeks old they will need updating.
A rush is expected once the new legislation is passed, which is expected by mid February.
Bill Sumits
Tuesday, February 5, 2008
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