Well, anyone watching mortgage rates closely has not been having such a happy week. The rates on conventional and FHA loans have started to rise, not a lot, they are still under 6%, but we are no longer looking at the 4% range! This does mean that there have been less applications for refinancing, http://www.bloomberg.com/apps/news?pid=20601087&sid=aZb6bu33Whng, so the banks won't be as busy. That's good news for people buying and selling houses, because loans will be approved and funded quicker, which means it will be less likely that we have 60 day closing dates, and fewer extensions. You might end up paying a little more for the loan, but at least it will close in a reasonable period of time!
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