October 2008 
There are 4 blog entries for October 2008.
Weekly Mortgage Report - NAR Reports 5% Increase In Existing Home Sales
Sunday, October 26th, 2008 at 11:59pm. 404 Views, 2 Comments.
Rates for 30 year fixed mortgages were below 6.00% on Tuesday and Wednesday, but have now gone up to the 6.25% as shown below. Also shown below, you can see that adjustable rate mortgages are not attractive at all to the secondary market, and are therefore much higher in rate than fixed loans.
The good news is that we are still doing loans. As evidenced by the 5% increase in existing home sales reported this morning by the National Association of Realtors. So, buyers can, in fact, buy in this market, and apparently many are.
Next week the Federal Open Market Committee meets again, and may lower the short term rates again. There are opposing rumors on that, but the rate lowering scenario has been their “go to” tool to help stimulate the…
Eugene Home Buyers - Sitting On The Fence
Saturday, October 18th, 2008 at 5:44pm. 600 Views, 15 Comments.
This report comes a day early this week since I will be on the road early tomorrow morning, but with cell phone and laptop I'll still be able to help you and your clients.
Unfortunately I need to start off with some bad news, in the form of the rates chart below. The increase in the 30 year fixed rate in just one week (10/8 - 10/15) was the largest weekly jump since April of 1987. Now, though this is not particularly good news, it can help you.
If you have buyers on the fence waiting for the “bottom” in home prices, this is the perfect “big stick” to knock them off with. There is a terrific brochure, from the Lane County HBA, making its rounds out there right now, talking about the exceptional buyer's market we're in. I've sent it out to my…
Volatile Stock Market, 700 Billion Bailout Affecting Consumer Confidence
Saturday, October 11th, 2008 at 3:28am. 515 Views, 4 Comments.
Well, where do I begin? Certainly I'm not going to tell you the “meaning of life” in this market. However, there actually is some meaning to it. If you go back almost exactly one year ago, when the stock market hit their all time high, at 14,164 on October 9, 2007, it was apparent to a lot of people that the stock market was truly overvalued. There was much talk at that time about “value corrections” that were inevitable. Guess what? They're here!!!!!
Of course, the stock market has been trending down since that time, ever so slowly, (so you wouldn't notice), until now, when it's crunch time. You need to understand, for your own peace of mind, that all the companies listed on the New York Stock Exchange, as well as all the others around the…
Bailout Bill Passed Today - Lorin's Weekly Report
Friday, October 3rd, 2008 at 7:36pm. 528 Views, 13 Comments.
I can't pretend to know the outcome of this “bailout bill”, but I have to say that, even though it may not have been necessary, (we'll never know now), it probably will not be our downfall. Both the Senate and the House have now passed it, and it's on its way to the President's desk for signing.
The one thing that would concern us all, is if the Treasury has to print more money to implement this bill. That would certainly raise the fear of inflation, and could ultimately bring prices down in the bond market, and likewise mortgage rates up. However, if the whole thing frees up funds for lenders to lend, then we'll be in better shape in the long run. Time will tell. As you'll notice though, with all that's been going on, mortgage rates have not…
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