Ron T Weems Jr

With the housing market in it's curret condition. It is the perfect time to purchase your first home. Especially, while the government has extended the home buyers tax credit. For the first time buyer you may qualify for a 8,000 dollard tax credit. If you own your home for the last five years and lived in it for the last three years, you may qaulify for the extended tax credit. You have until April 30, 2010 to be under contract and unitl June 30, 2010 to close your transaction. Don't sit on the fence thinking you are going to get more the and housing market is going to decline more. You have less than two months left to purchase your home. Call me if you have any question about the home buying process.

Mortgage applications decreased 2.1 percent last week compared to the previous week on a seasonally adjusted basis, according to the weekly Mortgage Bankers Association survey.

On an unadjusted basis, applications were down only 0.5 percent. The unadjusted purchase index increased 1 percent compared with the previous week, but was 18.4 percent lower than it was the same week a year ago.

Interest rates mostly held steady:

• 30-year fixed-rate mortgages remained unchanged at 4.94 percent.
• 15-year fixed-rate mortgages remained unchanged at 4.33 percent.
• 1-year ARMs decreased to 6.67 percent from 6.68 percent.

Source: Mortgage Bankers Association (02/17/2010)