Eugene Mortgage Rates | Mortgage Loans | Update
Posted by Dennis Pease on Monday, March 9th, 2009 at 3:46pm.
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 the number of job losses in the country were already figured in to their investment strategy. The numbers had been thrown around for more than two weeks, and Friday mornings report was no surprise.
What may have radically moved the markets would have been a job loss figure that came in much different than already anticipated. Significantly more lost jobs would have definitely sent investors to bonds and we would see mortgage rates improve a great deal today. On the other hand, if that lost jobs figure came in really low, it would have signified that the economy was doing better than expected, and investors would have rallied the stock market. Of course, that would have only held until Monday morning.
The point is, you never need to worry about the markets; stocks or bonds; they take care of themselves. You need only worry about what you are doing to make yourself a presence in this real estate market. Do what you do best, and stay in constant contact with your database. Network as much as you can, and make sure the people who might refer to you know how to do so They have to be instructed and reminded. Don't assume they know how, or even will, no matter how much they love you. J
I will be available to you all weekend by cell phone, to make you look really good to you clients. When they have questions, you have a resource!
The following rates are based on 30 day locks with no discount points, as of Friday afternoon. 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 = |
5.125% |
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15 year = |
4.750% |
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3/1 ARM = |
4.875% |
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5/1 ARM = |
4.500% |
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Jumbo fixed = |
5.750% |
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Jumbo ARM = |
4.800% |
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FHA/VA 30 year fixed = |
5.500% |
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Prime rate is currently = |
3.250% |
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 Eugene Real Estate information and search the Oregon Real Estate Listings. Phone: 541-844-9287
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13 Responses to "Eugene Mortgage Rates | Mortgage Loans | Update"
Well that's not completely true. I know that in some areas it is harder to get a loan than other areas. For example in Las Vegas last year over 50% of the deals in escrow did not close mainly for the reason you stated. Lenders see their market in real bad shape and don't want to lend there.
In Lane Conuty Oregon we are not having much of an issue with getting loans through as long as the buyer has fairly good credit, they have a stable job, and some down payment. There are a lot of loan programs for people available including rural USDA loans for people that qualify and that is partially based on lower than ave income levels.
I would not want to discourage any potential buyers by making a blanket statement that banks are not lending because it simply is not true here.
I would encourage anyone interested in finding out what they would qualify for, to call Lorin Wamsley at Precision Funding and let him go over your options for your particular circumstance. Lorin's contact information is listed above.
Posted on Tuesday, March 10th, 2009 at 11:33 AM.
To the average prospective homebuyers, mortgage rates appear to shift up and down without reason. But if you have a solid planning, you can get the best mortgag rate possible.
Posted on Saturday, March 14th, 2009 at 7:04 PM.
I have a few buyers out there who have qualified for their loans. I am advising clients to qualify first, then we begin their home search
Posted on Tuesday, March 17th, 2009 at 5:05 PM.
Its nice to mortgage rates falling again. I would like to see them get down to 4.5 but I dont know how likely that is.
Posted on Wednesday, March 18th, 2009 at 2:02 AM.
Banks need to lend for this to be a good thing
Posted on Wednesday, March 18th, 2009 at 12:07 PM.
Dennis, I finally bit the bullet and locked in my refi on Fri for a 15 yr fixed at 4.5%. Whew! It's been a bumpy ride but that was too good to resist. I already had a decent rate at 5.375% but the 4.5% cuts my monthly payment by $300 and it couldn't have come at a better time. Sales are way down!
Posted on Saturday, March 21st, 2009 at 5:51 PM.
Forgot to mention, that is one helluva good lookin' website you got there, Dennis!!
Posted on Saturday, March 21st, 2009 at 5:52 PM.
Jolenta, great timing on the loan lock. That is a great rate and anyone can use a $300 a month savings.
That's funny, you asked me a couple weeks ago what I thought of your new site. I don't think there could be any clearer signal now as to what I think of it. Our sites rock!
I just did a quick change over and I have a lot of work to get everything straightened out. You have done a super job with yours, I love it!
Posted on Saturday, March 21st, 2009 at 8:35 PM.
Oh, I love it! Be sure to put those lovely words directly on my blog, ya hear!?
Posted on Saturday, March 21st, 2009 at 9:55 PM.
As stated before, until banks really start to lend more, I don't think this will really help many people. I can understand why the banks are hesitant to loan though.
Posted on Thursday, March 26th, 2009 at 4:40 PM.
Excellent Post, very informative, thanks for stats
Posted on Sunday, April 5th, 2009 at 11:28 AM.
I agree with Air Conditioning Contractors. Until the banks start loaning money again, low interest rates do not help the majority who can not get a loan.
Posted on Monday, May 18th, 2009 at 5:02 PM.
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Rates are encouraging but Banks are not lending. Offers and agreed sales are lost because there are no mortgage offers
Posted on Tuesday, March 10th, 2009 at 11:19 AM.