Oregon Real Estate - Mortgage Up-Date For Week End April 5, 2008
Mortgage News
The employment figures for March were released today by the Labor Dept. Not so good on the national front. The unemployment figure rose to 5.1% with 80,000 jobs lost during the month. These numbers are certainly not good, and once again point toward the likelihood of a true recession. I think, however, that not near enough time has passed to accurately judge the effects, of the actions taken by the Federal Reserve and the administration's Stimulus Package. Over-correcting can bring a more disastrous result than a slightly bumpy off-road experience with minor damage.
It's important, in these uncertain times to keep our eyes focused on the local market, and the things we can actually control. Locally, we're not seeing a major slowing of the economy, though I'm sure some jobs have been lost in certain sectors. Construction projects are still going on and will no doubt increase with the onset of Spring and Summer. The average sell price of a home, in this area, has increased some $7,000 from this time last year. And, I'm still dealing with people moving here on job transfers to expanding businesses from all over the country. So, don't fail to recognize the opportunities that exist here.
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 = |
5.750% |
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15 year = |
5.375% |
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3/1 ARM = |
5.500% |
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5/1 ARM = |
5.750% |
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Jumbo fixed = |
7.500% |
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Jumbo ARM = |
6.625% |
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FHA/VA 30 year fixed = |
5.750% |
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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 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. He will give you good honest service.
Date: Friday, April, 4th 2008 @ 06:42:02 PMViews: 131
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