Thursday, June 18, 2015 - Article by: Linda Miller - Utah Mortgage Advisors -
Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:
"The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time."
The public will have an opportunity to comment on this proposal and a final decision is expected shortly thereafter.
Other News...The Fed met Tuesday and Wednesday and released their minutes about 2:30 today. The 10 Year Treasury Note indicates the direction of rates. The higher the 10 Year the higher interest rates. Before the meeting uncertainty moved the 10 Year to 2.39 and we had two "worse" rate corrections. After the meeting, the 10 Year Dropped to 2.32 - and we got an improvement in rates. Not a giant improvement but at least we are going in the right direction at least for this afternoon.I feel like a broken record as it pertains to volatility of rates, but in today's world we will continue to have these volatile days until the market finds it's footing. If it every does. Today's Best Available Rate* for conventional 30 year fixed - 4.00 to 4.125% range. FHA - 3.625% to 3.750%. AND the My Community 3% down program which has become one of my favorite programs - 4.5%.*Best Available Rate for Conventional loans is 20% down with 740+ credit score and some seller paid closing costs to help buy down the rate.
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