Dave Thurman's Real Estate Blog

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Interest rates continue to remain near their historic lows. Thirty-year, fixed-mortgage interest rates averaged 4.88 percent during November 2009, compared with 6.09 percent in November 2008, according to Freddie Mac.

Adjustable-mortgage interest rates averaged 4.41 percent in November 2009, compared with 5.26 percent in November 2008.

Platinum Home Mortgage Corporation

Good Faith Estimate form effective January 1st.

Under the new rules, lenders and mortgage brokers are required to give consumers the standard estimate form within three days of receiving a loan application. The Good Faith Estimate form requires lenders to combine all of the bank’s fees into one “origination charge,” enabling consumers to compare one lender’s fees with another’s. Lenders also are prohibited from increasing the origination fee from the estimate.

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• The new standardized mortgage estimate  blogs.reuters.com)
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• Home Buyer says dealing with the new Good Faith Estimate is “Close to Living Hell”  raincityguide.com)
• New Rules Help Home Buyers Understand Loan Costs  abcnews.go.com)

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I found this fascinating quote today:

We have already seen the real estate market improve every quarter of this year to date, stimulated by the tax credit, great mortgage rates, and moderate prices. Though the lack of mortgage liquidity negatively impacted the attempts of some buyers to gain entry to home ownership, on the whole , the true worry was whether the gains in the market would be sustainable – with the extension of the tax credit through the spring, that question would be answered.Bill Lublin, MOVEPHILLY, Oct 2009

 You should read the whole article.