Oregon Home Buyers Have Another Week Of Low Mortgage Rates
Mortgage News
The Labor Dept takes the spotlight today, as it always does on the first Friday of each month. The unemployment figure dropped from 5.2% to 5.0%, and there were only 20,000 jobs lost during the month of April. That's 20,000 people who don't see this as a good thing at all, but never-the-less the figure was way below the expected loss of 75,000 jobs. This means that from an employment standpoint, the economy is not as bad as many had thought. However, there are no predictions for the future that can be drawn from this.
Another significant figure that came from this same report is the average hourly earnings increase of 0.1%, well below the 0.3% that was forecast. Though that doesn't seem to be a good thing either, it does ease the threat of wage inflation. So, time will tell whether or not the Federal Reserve will continue to lower the short term rate to help control inflation. Their latest move on Wednesday lowered the short term rate by 0.25%, which I'm sure you've already heard, but I mention it only to remind you that the short term rate has no direct connection to mortgage rates. Hopefully you've been reading my reports long enough to already know that as well.
Here's another home buying tidbit for you:
Since 100% financing is virtually gone, we're seeing more of the AmeriDream, Nehemiah, HAP, SHOP, and other buyer's assistance programs being used in conjunction with 97% mortgage loans. These programs work well with FHA loans, but if a buyer is utilizing a conventional conforming loan, (which they might for several reasons), they are required to bring in the 3% down from their own documented funds. The assistance programs can not be used to cover the down payment, nor are gifts allowed. Therefore, we're seeing more and more FHA loans, and it will be in the best interest of your buyers, and you, to use a mortgage “pro” with a thorough understanding of the ins and outs of FHA. And just look, you already have my email address above, and my phone numbers are below. How convenient!
Enjoy a beautiful weekend!
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.
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30 year fixed conforming = |
6.000% |
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15 year = |
5.500% |
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3/1 ARM = |
5.875% |
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5/1 ARM = |
5.875% |
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Jumbo fixed = |
6.875% |
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Jumbo ARM = |
6.625% |
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FHA/VA 30 year fixed = |
6.000% |
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Prime rate is currently = |
5.000% |
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.
Date: 2008-05-03 03:35:48Views: 197