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Tagged : shutdown

Found 3 blog entries tagged as "shutdown". - Interest rates on key loans had trended downward over the last month because of ongoing recovery concerns, particularly the Fed’s decision to continue its bond-buying stimulus program. The latest increase is attributed to the fact that the government shutdown has prevented the release of various economic reports that influence the bond market and mortgage rates.

The average rate on a 30-year fixed mortgage loan rose 0.01 percentage point this week, according to the latest survey from mortgage buyer Freddie Mac. After dropping to 4.22 percent a week ago, its lowest mark since June 20, the 30-year fixed is now trending at 4.23 percent. It had previously fallen for three consecutive weeks. A year ago, the 30-year average was 3.39 percent – a

446 Views, 0 Comments - One problem lenders might face involves the Internal Revenue Service.

Before closing on a mortgage backed by Fannie Mae or Freddie Mac, banks must verify a borrower's income with the IRS. But IRS operations are curtailed because of the shutdown, and the agency won't be available to handle the paperwork the banks need to close on the loans.

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308 Views, 0 Comments - HUD originally said on Friday that it would stop working on applications for loans guaranteed by the Federal Housing Administration if the lights go out in Washington. But it reversed that position over the weekend.

"The HUD Contingency plan posted on Friday mistakenly included incorrect information about a potential shutdown's impact on the FHA single-family loan program," HUD said in a statement. "FHA will be able to endorse single family loans during the shutdown. A limited number of FHA staff will be available to underwrite and approve new loans."

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