Tips from the Mortgage Industry

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Important Tips from the Mortgage Industry This Week
 
1  

 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.
 

RATE UPDATE

 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.


Source:  http://www.nmlsconsumeraccess.org

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