Bismarck, ND – North Dakota's Housing Finance Agency is preparing another bond issue -- to supply mortgage money for first-time home buyers.
Pat Fricke is the agency's director:
"We have had very good demand for our home mortgage finance program. A lot of first-time homebuyers have been purchasing homes. Our loan demand is on a pace for 100-million dollars in loan volumes for the year. And it is the time of the year where we're now needing to replenish our supply of funds for this fall and going into next winter."
Fricke says there may not be much change in interest rates -- despite the turmoil caused by last week's terrorist attacks. He says home mortgage bond rates have stayed remarkably stable despite the incident.
Right now -- a first-time home buyer can borrow money over 30 years at a fixed rate of six-point-one-five percent -- a lower rate than what's available through normal bank loans. Fricke says about 35-million dollars worth of bonds will be sold in early October. He says that should supply enough new mortgage money to last until February.