Important Tips from the Mortgage Industry This Week
Existing Home Sales were down 3% in January from December and 5% from last year.
|2||The main reason for slower sales is a lack of inventory, which is down 10% from a year ago and now sits at a 3.4 months supply (6 months is considered healthy).|
|3||Fannie Mae now gives a discounted rate on a Conforming cash-out refinance if the cash is being used to consolidate student loans.|
|4||In the aftermath of the Great Recession, Congress voted to make Private Mortgage Insurance (PMI) tax deductible for the first time.|
|5||Over the last decade, Congress has continued to vote at the end of each year to make PMI tax deductible for the subsequent year.|
|6||Tax deductible PMI was not initially reinstated for 2017 taxes but Congress finally approved this deduction on February 9.|
For the first time in 2018, mortgage rates did not increase last week but rather stayed flat after the economic data of the week came in as expected.