Looks like yesterday the house passed an extension of the first time homebuyer tax credit – which would have expired today. It still needs to pass the Senate for approval but the odds are looking favorably.
The housing and mortgage market for those of you who follow it is kind of in a weird place right now. Refinancing applications are at an eight-month peak, as loan rates fell to or near record lows, but demand to buy homes sank toward 13-year lows last week. The now-expired federal tax credits has more or less robbed everyone from summer home buying opportunities.
But that could all change today if the Senate passes the extension.
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