30-yr conforming rates are under 5% again, and may remain there this week as there isn’t much economic news to push rates in one direction or the other. The Dow Jones Industrial Average is flirting with 6 month highs, nearing the 9500 mark again, but according to financial pundits, earnings are not sufficient to maintain the over-all stock price increases.
Regarding the $8000 first-time buyer tax credit, Dept of Treasury has reported that over 315,000 buyers have filed 2008 amended tax returns in order to receive the tax credit this year. Little piece of trivia: Of the 315,000 buyers applying immediately for the tax credit, 1,466 of them were New Mexicans, according to CNN. NAR estimates that over 1.1 million first-time buyers expect to use the credit, although many of them may wait until their 2009 tax returns are filed to claim the credit.
Remember, the deadline for closing on a first-time homebuyer transaction that may qualify for the $8000 tax credit is November 30th.