DON'T FORGET ABOUT THE TAX CREDIT!

Don't forget time is running out for the tax credit. You have to be under contract for a home by April 30th and close by June 30th to get the credit this year. Also, the credit is not just for 1st time homebuyers, but if you have lived in a home for 5 consectutive years of the past 8 you could qualify for a $6,500 credit. Go to http://www.federalhousingtaxcredit.com/faq2.php for more information.

Rates Are Still Great!

Mortgage rates were pretty stable last week. The Conforming Fixed 30-year rate topped out at around 4.9 percent, while the Conforming Fixed 15-year rate was last seen at around 4.3 percent. Standard 5/1 ARM rates were hovering around 3.85 percent. In a move to counter the Fed's exit from the MBS purchase program, and with no limits on their portfolios, GSE's were planning to buy back poorly-performing or non-performing loans from investor pools.