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Mortgage Interest Rates Continue to Decrease

While October interest rates were low, November rates have been even lower, according to a report released last Tuesday by Zillow Mortgage Marketplace. According to the Zillow report, interest rates for 30-year fixed mortgages varied by state. Mortgage rates in Minnesota , Arizona , Michigan , and Georgia saw the most significant decrease in rates, with the lowest rates in Texas and Minnesota . – Zillow.com

Fannie Mae Introduces 'First Look' Initiative

Through Fannie Mae’s First Look, only offers from owner occupants and buyers using public funds will be considered during the first 15 days a property is on the market, and offers from investors will only be considered after the first 15 days have passed. By acquiring and rehabilitating homes for resale to home buyers, the city of St. Paul ’s housing and redevelopment authority has been stabilizing neighborhoods and improving the quality of life for residents. The housing and redevelopment authority has closed on five properties in the past four months and has 24 more offers in the process. – DSNews.com

RESPA Revisions Effective January 2010

In order to make HUD-1 closing statements more transparent for the parties involved, the Department of Housing and Urban Development (HUD) has made a number of changes that will take effect on January 1, 2010. Here are some of the changes:

1) Mortgage brokers’ yield-spread premiums will need to be calculated as part of the loan origination fee.