Worried about interest rates increasing?

The Arkansas Development Finance Authority (ADFA) has you covered — the agency reports it locked interest rates on mortgages issued through its bond program at 5 percent in December.

In other words, those rates will stay locked in at 5 percent even if rates on fixed, conventional mortgages start creeping up over 5 percent after the first quarter. As I’ve mentioned on this blog time and time again, a lot of people paying attention to mortgage rates are expecting them to rise after the Federal Reserve ends its mortgage backed securities “buy-back” program at the end of March.

For more information about the ADFA bond program, click here to visit the agency’s “HomeToOwn” program site.

Speaking of the ADFA, Murray Harding over there sent us the following email this morning:

This is to notify you that the Arkansas Development Finance Authority (ADFA) will begin moving to our new offices on February 17th. Please note that on February 17th , 18th, and 19th the ADFA staff will physically move to our new office space. During those three days it will be very difficult to reach us via traditional methods of e-mail, telephone and fax. Also, since they will be moving our entire computer system, our Internet Reservation System (IRS) will not be available. You will not be able to make reservations or pull closing documents during that period of time. We expect to resume regular activity on Monday, February 22nd.

In order to update your records, our new contact information will be:

* Street Address: 900 West Capitol
Suite 310
Little Rock, AR 72201

* Mailing Address: P.O. Box 8023
Little Rock, AR 72203-8023

Please disseminate this e-mail to everyone in your organization that deals with our agency.

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