Waterfront buyers could face delays during shutdown. The National Flood Insurance Program expired, freezing new policies and potentially delaying mortgages, home sales, and housing programs, especially in Florida. As of Oct. 1, the National Flood Insurance Program (NFIP) cannot sell new or renew flood insurance policies. However, existing NFIP policies will remain in effect until their expiration date, and claims will continue to be paid as long as FEMA has the funds on hand.
Source: floridarealtor.com
Mortgage Rates
Increase
The 30-year fixed-rate mortgage increased again this week but remains below its 52-week average of 6.71%. The last few months have brought lower rates and as indicated by the recently reported increase in pending home sales, homebuyers are feeling more confident to get into the market.
