Markets: Flat. No change. Rates hover at 5% and a bit below. 15-year loans are at 4.25% and thereabouts, 5/1 ARMS are 4% or a shade lower.
Analysis: A piac nem tud melyik iranyba menni, ugyhogy semmisem tortenik. If I write the same thing I’ve been writing for the past month, it gets old, even for me, so I wrote it in Hungarian this time. Prizes for the first person to email me the sentence above in English.
There’s nothing going on, people. Or, at least, nothing that is big enough to make the markets move. Breathlessly we wait for the Fed to stop buying mortgage-backed securities, and loud are the forecasts of rate-based doom, and yet…nothing. Still, nothing.
Clarification: There is a lot of confusion about the homebuyer tax credits, so let me herewith set the record straight. YOU DO NOT HAVE TO CLOSE ON YOUR PURCHASE BY APRIL 30. The house merely has to be under contract by April 30. It can then close any time before JUNE 30. “Under contract” means there is an agreement, signed by both the seller and the buyer, outlining the sale price and the terms of the sale. As long as you have that in place by April 30, you still qualify for the tax credit, and that is either the first-time homebuyer credit or the long-time homeowner credit, either one.