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Market News 

         Democrats and Republicans in the Senate agreed on Tuesday to draft a housing rescue bill that could deliver billions of dollars to homeowners facing foreclosure and help steer the economy away from a deep recession.

Democratic leaders want the federal government to pay for more mortgage counselors, rehab projects for empty homes and tax breaks for borrowers stuck in unaffordable loans. Perhaps the most controversial provision of their plan would let bankruptcy judges erase some mortgage debt.

         Thousands of Indiana homeowners should be breathing a sigh of relief, thanks to the bipartisan efforts of the Indiana General Assembly to ease the tax burden of great concern to Hoosiers since last summer. After months of discussions, legislators agreed to approve a sweeping tax reform package, signed by Gov. Mitch Daniels on March 19, that caps property tax bills for homeowners at 1 percent of assessed value. Rental properties will be capped at 2 percent.

Today's Rates
Product              Rate              APR
3/1ARM                          *5.375%               *5.453%
5/1 ARM                         *5.500%               *5.578%
30 Yr. Fix.                       *5.875%              *5.953%
*Rate is based on 20% down payment
*APR is based on $250,000 loan amount