Eugene Real Estate Blog | Lane County Oregon Blogs 
Blue Moon New Years Eve 2010 Mortgage Report
Thursday, December 31st, 2009 at 11:26pm. 178 Views, 1 Comments.
Mortgage rates are just a bit higher this week over last, as shown below. New claims for unemployment were down significantly this week and that has hurt the bond market. There are no guarantees that next week's rates will get better, though we expect the “after holiday” markets to be much more stable than the past two weeks. We'll hope for the best, and yes; rates are still fantastic!
I know you've heard the rumblings of changes that are taking effect tomorrow (01/01/10) in the mortgage finance industry. These changes mainly affect the disclosure process from us, your mortgage professionals, to the borrowers. However, because of these changes it appears there will be an impact on how you do business as well. The differences may be many, and they will…
Mortgage Rates Continue To Remain Attractive On Weak Dollar
Friday, November 13th, 2009 at 9:51pm. 240 Views, 2 Comments.
Rates are just a bit better than last Friday, as shown below. The Univ of Michigan's highly watched Consumer Confidence report came in much lower than expected today, but it didn't seem to have an effect on the markets. However, I'm sure the retailers are paying attention, and are no doubt, nervous to say the least.
There's a lot of talk right now about the strength, or lack thereof, of the US dollar. There seems to be some unspoken plan to keep the dollar value low to entice the rest of the world to buy US goods and participate in our market trades. For many investors outside the US with stronger currencies it makes perfect sense. For our markets this is not necessarily a bad idea in the short term. However, having our currency remain weak in the…
Friday Update - Mortgage Rates Steady - Home Buyer Tax Credit Extended
Friday, November 6th, 2009 at 8:32pm. 228 Views, 0 Comments.
As shown below mortgage rates are about the same as last Friday. Seems you're seeing that on a fairly consistent basis over the last few months. The employment report was issued this morning by the Labor Dept, and it came in even worse than expected. Unemployment is up to 10.2% nationally which is the worst since April of 1983, also in that report were figures that show worker productivity was up substantially. This means that if the GDP grew in the last quarter as it was reported, then it was done with fewer workers than before. We'll skip the actual stats because the concept is very evident.
If companies can run at full or increased capacity with fewer workers, they are not going to start hiring new workers until they absolutely have to in order to…
Breaking News: Homebuyer Tax Credit to be Extended and Expanded
Thursday, November 5th, 2009 at 6:41pm. 290 Views, 1 Comments.
Both the House & Senate passed an extension and expansion of the homebuyer tax credit. This could be signed by President Obama as early as tomorrow morning. Below is a summary of the new home buyer tax extension and modifications.
Mortgage Rates Looking Good
Friday, October 30th, 2009 at 8:19pm. 144 Views, 2 Comments.
Mortgage rates are just slightly better than last Friday, as shown below. This is after a bad start on Monday, and then the economic picture became worse on Tuesday and mortgage rates came down for Tuesday and Wednesday. The economy looked rosy yesterday after the report on the 3rd quarter Gross Domestic Product showed an unexpected 3.5% growth. So, the bond market went down and rates went up. Apparently “rosy” only lasts 23 hours, because today, the markets are doing the exact opposite of yesterday, so rates are down again. Bless those day traders! They sure keep it interesting.
I'm sure you've already seen the information on the proposed extension of the FTHB Tax Credit program. It has a ways to go before it is adopted, but hopefully we'll see some…
Eugene Oregon Mortgage Rates Lower Again This Week
Saturday, October 3rd, 2009 at 8:14pm. 242 Views, 8 Comments.
Oooohhhhhhh, the rates are soooo low right now, as shown below. But obviously it's not the rates that are keeping the buyers away. More likely it's the unemployment rate that makes them nervous. I certainly can't blame them!
The national unemployment rate moved from 9.6% to 9.8% with this morning's Labor Dept report for the month of September. Of course, the buyers in this area are looking at an unemployment rate much higher here in Lane County and the state of Oregon . So, it makes sense that they're nervous about taking on any major debt at this time. However, for those who feel secure in their jobs, this is an excellent time for them to either purchase for the first time, or move up to the home they wanted three years ago, but were priced out of…
Eugene Oregon - First Time Home Buyer To Take Advantage Of Low Mortgage Rates
Saturday, September 5th, 2009 at 8:38pm. 269 Views, 4 Comments.
Mortgage rates are lower this weekend than last, as shown below. They hit another good low on Wednesday, and held through Thursday, but have increased somewhat today.
The employment data came in early this morning, and showed the unemployment rate at 9.7%, up from 9.4% last month.That's not a big surprise. Nor is the fact that the number of jobs lost during August is down from what was expected. What this basically means is that we are losing jobs at a lower rate than before. (Not great, but not bad either). The other side of that, ie; the unemployment rate, will most likely continue to increase for a time while companies figure out what they can live with in terms of the necessary people to meet production demand. That number is always lower going…
Lane County Oregon - Mortgage Rates Remain Steady
Sunday, August 23rd, 2009 at 9:16pm. 227 Views, 0 Comments.
Mortgage rates are the same as last week, as shown below. This mornings release of the existing home sales figures, which was the highest in two years, coupled with Fed Chairman Ben Bernanke's comments have pushed the bond market down, but once again we're seeing a knee jerk reaction to positive economic news. I suspect that things will settle again next week when the naysayers have their say.
I'm sure you've heard a lot of grumbling about the new rules governing the mortgage industry. It will go on for some time, but the reality is that we will simply have to work with it until “they” figure out the changes are not actually helping the consumer at all. In the meantime you need to know there can and will be delays in turn times for closings. Things…
Eugene Oregon - Mortgage Rates Lower This Week
Saturday, August 15th, 2009 at 10:03pm. 234 Views, 2 Comments.
Okay! Rates are better today after being higher earlier in the week. You'll see the rates below, but I wanted you to note that the 5/1 ARM is now showing an “Interest Only” rate. I've found this to be somewhat useful for the executive types that are breezing into town and don't plan on staying in the home for long, but want a nice showy place for social functions. God bless ‘em. :)
Also, as I've mentioned before, I don't usually attach anything to my posts. However, the attached article (PDF File) is from the Harvard Law and Policy Review, and could give you a bit of insight into why foreclosures, and more importantly, short sales, are so hard to deal with. The article is entitled “Modifications of Mortgages in Bankruptcy”, which I realize…
Eugene Oregon - Mortgage Rates Steady - Giving Buyers More Time
Monday, July 6th, 2009 at 12:12am. 380 Views, 12 Comments.
Mortgage rates were a little worse earlier this week, but with the jobs report that came out this morning the bond market has made some gains as stocks take a dive. The rates below are just slightly higher than last Friday, but with the sour economic news they are likely to trend a little lower into next week.
This is as good a time as any to remind you that, although some of the lender's turn times are getting better, a 30 day contract close is still too optimistic. Remember, the lenders with the very best rates are more likely to have extended underwriting times. It's your buyer's loan officer's job to provide them with the best rate, and you with accurate information on closing times. I take that job very seriously.
I'll be available by my cell…
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