Costlier Mortgages May Be on the Horizon
Here's an interesting, recent statistic regarding the housing market: fixed rate mortgage rates have gone from 4.4 percent in November of last year to 5.2 percent, at least for mortgages being backed by Fannie Mae and Freddie Mac. The Obama administration's housing finance plan may however complicate things further for people seeking property such as Fort Lauderdale real estate.
The plane being proposed seeks to increase the amount of down payments, lower the guaranteed mortgage amount and also increase the short term fees charged by Fannie Mae and Freddie Mac. These new measures will as you might expect further increase the costs involved in owning Fort Lauderdale real estate.
Some experts suggest that it may be a good idea to start processing transactions for property like Fort Lauderdale homes if you plan to purchase. These new reforms won't make things any easier and the fact that the ceiling on loans guaranteed by Fannie and Freddie (currently $729,750) is scheduled to drop to $625,500 will also add another thorn in the whole buying process.
