The Fed wrote in its June press release: "Financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad." Translated -- Europe concerns us. It's why 30-year fixed mortgage rates are cutting 4.500 percent.

When the Federal Reserve makes a vote on the Fed Funds Rate, it's voting on the rate at which banks borrow from each other. The Federal Reserve is NOT voting to change consumer mortgage rates because, based on its government charter, it can't. Look to Wall Street for that, instead.

In February 2009, Fannie Mae rolled back a rule that kept real estate investors from financing more than 4 properties at a time. The limit raised the maximum number of financed properties to 10. The program gives bona fide investors a ticket to the national REO and Foreclosure Party.

Despite what you're hearing, the federal home buyer tax credit has not been extended beyond its June 30, 2010 deadline to September 2010. At least not yet.

Looking to lock a mortgage rate? I'm a contributor to the Bankrate.com Mortgage Rate Trend Index and this week's survey should give you guidance.

Starting next week, Fannie Mae is putting major restrictions on the popular "interest only" loan product. This follows Freddie Mac's earlier announcement to discontinue interest only loans entirely.

When people visit national mortgage sites for "rates", what they're looking is for something akin to a MSRP for Mortgages; a way to keep their lender honest about rate quotes and such. Sadly, markets don't work that way. You can't visit a national website for a single mortgage rate any more than that you could watch a national forecast for a single weather report.

The mortgage rate differential between comparable 15-year and 30-year fixed rate mortgages is close to the largest it's been in over 5 years. "Going 15" saves a homeowner $170,000 over the life of a loan, assuming a $300,000 loan size. That's enough cash to send several children to college, among other things.

The National Association of Realtors® says the typical "distressed home discount" ranges near 15 percent. Buying foreclosed homes can be an excellent value if you find REO in livable condition.

The mortgage phrase "cleared to close" just lost a lot of its meaning. Lenders now have the right to revoke your mortgage approval all the way up to the time your loan is funded.