Rates have been moving back up during the past week. The main reason is due to tight money in the banking industry, again! The banks are selling off their mortgage backed securities to improve their cash flow and buyers of those MBS are demanding higher yields; therefore, higher mortgage rates for everyone!!

Besides rates, mortgage programs continue to tighten. The "stated" programs are all but gone and we are also seeing more "risk based" pricing. Credit scores are becoming MORE important than ever! Programs used to allow for a fairly broad range of FICO scores but now the Lenders are starting to adjust rates based on numerous FICO score levels. Expect this to continue and become the norm.

Now for some GOOD news! Home sales continue to improve and listings are basically stable. See the numbers at the bottom of the sheet. Prices are GREAT and more & more investors are coming into the market. First Time Home Buyers are really heating up!!