Oregon Real Estate Buyers Should Make Move While Mortgage Rates Remain Low
Mortgage News
Another bumpy week, but this time it's been more ups than downs. As shown below, mortgage rates have increased across the board by about .25%. This in spite of several economic reports that again paint the economy in a rather dim light. Investors are definitely accentuating the positive in terms of the stock market. They have been pulling funds from the bond market in fear of the “I” word. Rightfully so, in current conditions, sense inflation erodes the value of bonds, and inflation is most certainly a concern.
The Consumer Price Index came in showing an increase of 4% in retail prices over March of 07. Most of the increase was due to energy, transportation, and food costs, which are usually not heavily considered because of their ongoing volatility. However, with the big jumps in these areas, which may be sticking with us for quite a while, they simply can't be overlooked. We'll wait and see what next week brings us, but I wouldn't be surprised to see mortgage rates back down at least a little.
On the good side, we're seeing more activity in the local real estate market. I'm not sure if folks are starting to listen to you, regarding the perfect time to start buying, or if it's just that “feel good” attitude that inherently comes with Spring. Either way, we'll take it! I hate to use a snowball analogy on this particular Friday in April, but the concept holds true. As things get better, things tend to get better and better.
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 = |
5.625% |
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3/1 ARM = |
5.875% |
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5/1 ARM = |
5.875% |
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Jumbo fixed = |
7.250% |
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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 = |
5.250% |
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: 2008-04-20 01:25:42Views: 323
We Buy Houses
Thanks for the information..