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Thread: Mortgage rates steady as tax credit fades

  1. #1

    Mortgage rates steady as tax credit fades

    Mortgage rates steady as tax credit fades
    For the first time in two years, the housing market will have to do without aggressive federal incentives. But so far, mortgage rates have remained low.

    [Related content: homes, home financing, home buying, mortgage, mortgage rates]
    For the third straight week, mortgage rates went nowhere fast.

    The benchmark 30-year fixed-rate mortgage edged down 1 basis point this week, to 5.21%, according to the's national survey of large lenders. (A basis point is one-hundredth of 1 percentage point.) The mortgages in this week's survey had an average total of 0.45 discount and origination points. One year ago, the mortgage index was 5.2%; four weeks ago, it was 5.23%.

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    The benchmark 15-year fixed-rate mortgage slipped 1 basis point, to 4.54%. The benchmark 5/1 adjustable-rate mortgage fell 5 basis points, to 4.37%.

    Up by the bootstraps
    For the first time in two years, the U.S. housing market is going to have to stand on its own feet. After April 30, homebuyers no longer will be eligible for a federal tax credit of up to $8,000 (for first-time buyers) or $6,500 (for move-up buyers). The credit's sunset marks the end of a string of homebuyer tax breaks dating to the spring of 2008.
    Read MoreMortgage rates hold steady as homebuyer tax credit ends - MSN Money

  2. #2
    Peace Love n Pretty Tings LB is offline
    Join Date
    Apr 2010
    At the Crossroads
    will or has the rate at which buyers need to qualify going to change or will change in the USA without the tax credits?

    for example, here even if your can secure a lower interest rate, u must be about to qualify for a 5.25% fixed rate. My mortgage is 1 plus prime since it is a HELOC, but to qualify for the HELOC u must be able to afford a 5.25% fixed rate.
    ~ If you make the mountain any bigger you wont be able to move it later

  3. #3
    where de crix Oneshot's Avatar Oneshot is offline
    Join Date
    Apr 2003
    Brick City, NJ
    property prices will continue to fall

  4. #4
    Registered User ohyvey55 is offline
    Join Date
    Jan 2011


    Yeah just read a good article that explains this better. Haha almost like mortgage rates for dummies (me)! if anybody needs some help understanding all this crap!

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