Mortgage rates rose last week for the first time this year, after having fallen since the first of the year. Rates of 3.875% for a 30 year fixed, and 3.25% for a 15 year fixed can be found in our market as of today.
HUD announced the suspension of the of the Mortgage Insurance Premium cut announced early in January by the Obama administration. One of Trump's first acts was to eliminate this MIP price cut. This would have been of some help to first time buyers to minimize the high closing costs that FHA mortgages have. Many cash strapped first time buyers use the FHA loan program.
A Senate Committee has approved Ben Carson as new HUD secretary. Carson says "It's difficult for a child to learn at school if he or she doesn't have an adequate place to live". The thoughtful and brilliant mind of Ben Carson will hopefully bring us some positive impact to the housing market.