Not Only the Temperature is Cooling

As the housing market settles down, rates on mortgages fell for the fifth consecutive week.  30 year fixed-rate mortgages fell to 6.48 percent this week, down from 6.52 percent last week. 

While the mortgage rates are falling, lenders are also searching for new ways to boost their business.  A measure to raise Federal Housing Administration loan ceilings, extend loan lengths, and drop downpayment requriements from 3 percent to zero passed the US House and went to the Senate in June.  If approved, the door would open even wider to first-time homebuyers. 

For more information look in the Argus Leader under Business in Brief  25 August 06.