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Eugene Oregon - Mortgage News
Sunday, June 28th, 2009 at 1:58pm. 412 Views, 4 Comments.
Rates are little better today over last Friday, as shown below. The stock markets aren't as happy as they were last week, and the FOMC meeting I referred to in last Friday's email didn't seem to make much of an impact. Therefore, the bond market is doing better as of now. The auctions of long term government debt were well received earlier this week, which again helped the bond market make some gains.
That's it in a nutshell, but I'd like to talk about a couple of rumors and reports out there in medialand that buyers may be asking you about. A possible $15,000 tax credit for all buyers, not just first-timers has been proposed, but is definitely not even close to being approved. When I tried to calculate what that would cost the government in revenue…
Mortgage Rates Climb For Second Straight Week
Saturday, June 13th, 2009 at 8:12pm. 483 Views, 5 Comments.
Yes! Rates are up from last Friday, but they are down from earlier this week. The Bond market took a pretty good beating from a few of the economic reports that came out, indicating that things might be getting better. But, the big hurt was that several of the foreign buyers of US debt
( US debt is in fact our bond market), indicated that they had little confidence in our ability to repay that debt. So, China , Russia , the European market, etc said they “may not” invest in our bond market. This drove the price of bonds down, and likewise, mortgage rates up.
Is this starting to make sense to you in how it all works? After all, when the sub prime implosion hit, the banks no longer wanted to buy mortgage backed securities, and most of them actually…
Eugene Mortgate Rates Up This Week
Saturday, June 6th, 2009 at 12:22am. 393 Views, 6 Comments.
Not a good week here in loan land! (See rates below). The bond market has taken some pretty big hits all this week, due primarily to investors taking advantage of the profits to be gained from the great run up in bond pricing over the past few weeks. The investors have sold off their bonds at higher prices and have moved these assets to the stock market. Please understand that there is far more to it than that, but in laymen's terms that's essentially what is taking place.
The other side of that equation is the stock market making some gains.This is happening because many of the economic reports coming in are indicating the presence of that proverbial light at the end of the tunnel, as far as the recession is concerned. However, that light may, in…
Oregon Mortgage Rates: Weekly Update - Lane County - Eugene
Sunday, April 26th, 2009 at 3:34pm. 541 Views, 8 Comments.
Mortgage rates for 15 and 30 year fixed loans stayed the same this week. However, the ARM rates got substantially better. That may mean that the investors in MBS (mortgage-backed securities) are loosening up a bit, and are more willing to take on these loans. Of course the guidelines are still very strict, but ARMs can be a great option for certain situations, especially in Jumbo loans.
The Commerce Dept released their report on Durable Goods Orders, (products that are intended to last more than 3 years), this morning, and it showed a decline in the orders of .8%. While this doesn't seem like a good thing, the analysts were predicting a drop of 1.5%. So, the report is better than expected, and certainly open to “spin”.
Also, reported today was the…
Eugene Oregon - Have We Hit Rock Bottom
Friday, April 17th, 2009 at 11:54pm. 563 Views, 10 Comments.
Mortgage rates are still about the same as last week, as shown below. Obviously rates are not the problem! Nor have they been for many months; actually 7+ years if truth be told, but then after a while it all becomes relative. There are most likely some buyers out there who are waiting for that “perfect storm” where interest rates, and home prices, bottom out; everything goes crazy and they finally put their hook in the water.
I hope you are telling your clients that hitting that point in time is like crabbing on the Bering Sea; Good Luck! You have to really know what you're doing, and be willing to suffer the consequences.
There are so many awesome buys out there right now that they need to be in this market if they are at all interested,…
Eugene Weekly Mortgage Update - Eugene Oregon Home Loan News
Saturday, April 4th, 2009 at 12:10am. 706 Views, 6 Comments.
Mortgage rates have inched up just slightly, as noted below. The Labor Dept reported 663,000 jobs lost in March, which should have rallied the bond market and pushed rates lower. However, that number was less than had been anticipated, so it was seen as a plus by investors. After yesterday's stock rally the S&P 500 is up 23% since March 9 th when it hit a 12 year low.
Stocks were not really affected today by the jobs report because employment is always a ”lagging indicator”. As the economy starts to turn and regain some strength, employment is usually last to recover. Investors also seem to be saying that they hold out some real hope that the steps being taken by the government will actually work. Again, it's a change in attitude that will bring about…
Eugene Mortgage News - Mortgage Rates
Monday, March 30th, 2009 at 12:49am. 369 Views, 1 Comments.
Mortgage rates look similar to last week at this point, as noted below. However, the mortgage backed securities have gained some strength today, and are not necessarily affected by the general bond market numbers. Both consumer spending and consumer confidence numbers came in higher toady, but higher after record lows doesn't hold a lot of water. The truly good news is that the Federal Reserve purchased the most MBS this past week, and has had a significant impact on overall mortgage rates. It has done this by allowing more funds to be available for mortgage lending instead of sitting dormant in the banks asset accounts waiting for bailout funds. It's all good.
The other great news I'm seeing is that the government's loan modification program is…
Eugene Mortgage Rates | Mortgage Loans | Update
Monday, March 9th, 2009 at 3:46pm. 498 Views, 13 Comments.
Mortgage rates got a little better once again this Friday as shown below. However, early Friday morning the markets pointed out what a whacky world we're in right now. Absolutely horrible economic news resulted in the stock market going up and the bond market going down. However, after a short time in trading both markets leveled off, and were stable the rest of the day.
I want to take this opportunity to remind you that all of the economic reports that you see and hear on the national news are already anticipated in the markets. So, when the Labor Dept issued the employment report Friday morning, which should have sent every major investor running to the bond market for it's “safe haven” in bad economic times, it simply didn't happen. Why? Because…
More Details $8,000 Home Buyer Tax Credit, IRS Filing Rules
Saturday, February 28th, 2009 at 1:05am. 1996 Views, 26 Comments.
Mortgage rates have gone up a tick, as noted below. This is due to some of the inflation fears that are starting to brew, which in turn pulls the bond market down, and raises interest rates. The inflation fear comes from the stimulus packages, and what their overall costs may be down the road. However, the economy is still stumbling, so the bond market may still be the “safe haven” for investors as we move along day to day. So, rates are going to stay volatile for some time yet. That's actually a good thing! We just need to get the buyers buying.
Okay, a little clarification on the $8k tax credit from last week. The IRS has ruled that if the home was purchased in 2008 then the $7,500 tax credit, which has to be repaid over 15 years, will apply. If a…
Details On The $8,000 Credit To Home Buyers
Saturday, February 21st, 2009 at 12:32am. 1769 Views, 10 Comments.
I have added a link to the CNN article regarding the $8,000 first time home buyer tax credit that was announced on Wednesday, just in case you hadn't seen it. It definitely is a step up from the plan that took effect last July. It's actually a revamp of that program which extends the purchase dates to November 30 th, and takes away the repayment of the “credit” and makes it an actual tax credit instead of a 0% interest loan. The credit does have to be repaid if the buyer sells the home in the first three years, after that there's no penalty. Something tells me we could see some problems down the road (the less than 3 year road) when folks try to sell, and home prices haven't increased enough, but they've already spent the $8K. Déjà vu, or vous,…
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