Mortgage Rates - Good News For Home Buyers With Lower Rates

 

Bond market pricing went up today, after being down yesterday, and up the day before, and down the day before that, and so on. But, today's monthly report out of the University of Michigan , formally known as "The Index of Consumer Sentiment", showed a reading of 63.2. Don't worry about the number itself, what matters is that the number came in well below what the analysts were expecting, and means consumers are far more worried about their financial well-being than previously thought, by people who are well paid to know. The concern about personal finances, tend to keep consumers from spending as much, and re-thinking any large purchases.

This matters to the bond market, and particularly to mortgage rates. Because, since consumer spending makes up two-thirds of the U.S economy, any signs of a slow down in spending, eases the concerns that investors may have regarding inflation, and makes long-term investments like mortgage-backed securities more attractive. So, as shown below, rates are better this Friday than last.

The following rates are based on 30 day locks with no discount points, as of this morning. They are not come ons, they are the rates your buyers will most likely get from a reputable lender, regardless of what is advertised. Certainly there are other specialized programs available, depending on the qualifications of the buyer.

Authored by Lorin Wamsley, CMPS - Senior Mortgage Consultant, Precision Funding
Phone: 541-681-8787

Dennis Pease - RE/MAX Integrity Real Estate Broker invites you to see more Florence Oregon Real Estate information and All the Area Real Estate Listings . If you are looking for a mortgage consultant, call Lorin at the number above and tell him Dennis sent you.

This blog entry currently has 9 comments posted.

Bob Lipply

Great news, wonder if that was why we got so many inquiries for homes over the weekend. I swear people pay attention to these numbers.

Dennis Pease

Bob, I think you are right. Many people watch the rates closely so I decided to start posting a weekly mortgage rates update. It also makes it easy for my clients to quickly watch the mortgage market trends while they are shopping for a home.

Ki Gray

Its been nice to see rates finally come down quite a bit. I think people are waiting for prices to come down. But even if prices go down a little more the mortgage ones gets today could be lower because rates are so low.

Buyers Purchasing Real Estate Now

@Utah & @Ki, Click on my name here, the link is to a Blog I recently wrote that really explains exactly what you are talking about here and agents in my office have shared this information with their sphere of clients and made several sales in the last week because of it. I truly believe this is an excellant time to buy. Give it a read and let me know what you think.

Jonathan Frank

This whole "wait and see" attitude towards buying a home really has had a dramatic impact on the rental market as well. A lot of people renting right now and the rental rates keep climbing.

Cherokee County Real Estate

Watching the rates is like watching a light switch for my business. Rates are up, lights out, rates go down, let there be light

Payday Loans

It is such a buyers market right now it is sick! Rates are pretty good right now and prices are rock bottom!

UtahLuxury.com

It makes me sick to see how many people wont buy right now because the common thought is that we haven't hit bottom yet (in prices) yet we have pretty much hit bottom with rates. My thoughts are, buy now if you can.

Dennis Pease

Jonathon, you bring up a good point. It seems at some point rental properties will become more desirable again. In my area as an investor with 20% down on a good investment it's not hard to get a positive cash flow which a few years ago was not possible.

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