Obama Signs First-Time Homebuyer Tax Credit Extension

President Barack Obama signed the “Worker, Homeownership and Business Assistance Act of 2009” into law on Friday, extending the first-time homebuyer tax credit as well as certain jobless benefits at a time when the US unemployment rate has officially reached 10.2%. With the first-time homebuyer tax credit originally scheduled to expire on Dec. 1, 2009, HR 3548 now allows first-time buyers to claim 10% of the purchase price of their home, up to $8,000 for single or married taxpayers filing jointly, if they close on the purchase by midnight June 30, 2010.... more»

Freddie’s Weekly Mortgage Rate Dips Below 5%

Freddie Mac’s (FRE: 1.23 -1.60%) survey of mortgage rates saw a key long-term fixed rate dip back below 5% this week. Freddie Mac said the average rate for a 30-year fixed-rate mortgage (FRM) was 4.98% with an average 0.7 point, down from an average 5.03% the previous week. One year ago, the average rate for a 30-year FRM was 5.88%, Freddie said. Bankrate.com’s survey of major US banks and thrifts put the 30-year FRM 5.35% with a 0.31 point, even from the previous week. A year ago, Bankrate.com’s survey was 6.44%. Freddie... more»