Eugene Mortgate Rates Up This Week
Posted by Dennis Pease on Saturday, June 6th, 2009 at 12:22am.
Not a good week here in loan land! (See rates below). The bond market has taken some pretty big hits all this week, due primarily to investors taking advantage of the profits to be gained from the great run up in bond pricing over the past few weeks. The investors have sold off their bonds at higher prices and have moved these assets to the stock market. Please understand that there is far more to it than that, but in laymen's terms that's essentially what is taking place.
The other side of that equation is the stock market making some gains.This is happening because many of the economic reports coming in are indicating the presence of that proverbial light at the end of the tunnel, as far as the recession is concerned. However, that light may, in fact, be another oncoming train.
This morning's employment report, that is issued the first Friday of each month indicating the activity in the previous month, showed that we lost 345,000 jobs in the month of May. This was much lower than the 520,000 jobs lost that analysts predicted. Somehow that got translated as a good thing, even though the unemployment rate hit a 26 year high at 9.4%. I truly believe that when the numbers actually penetrate the active brain cells left alive out there in investorland, we'll see a movement back to the bond market, and rates move lower again.
Having said that; this is still the time that buyers should be out there looking for all those great deals. Will home prices move lower? Maybe! But, when rates move lower, for what may be the last time, buyers are likely to lose out on that dream home if they are not ready to act. Make sure they are ready!
I will be available once again this weekend to help make that happen, and talk them through the process so that they understand their options and opportunities. Just call my cell phone below.
Have a terrific weekend!!!
The following rates are based on 30 day locks with no discount points, as of this 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.
30 year fixed conforming = |
5.375% |
|
15 year = |
5.000% |
|
3/1 ARM = |
4.500% |
|
5/1 ARM = |
4.750% |
|
Jumbo fixed = |
5.750% |
|
Jumbo ARM = |
3.800% |
|
FHA/VA 30 year fixed = |
5.375% |
|
Prime rate is currently = |
3.250% |
Authored by Lorin Wamsley, CMPS - Senior Mortgage Consultant, Precision Funding Phone: 541-681-8787
From here you can search all Eugene Oregon real estate listings, call us to schedule any home showings or if you have any questions. Lorin Wamsley can help with any mortgage needs you may have.
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Share6 Responses to "Eugene Mortgate Rates Up This Week"
Who knows yet if it is a trend, but I have been telling everyone that I felt rates are about as low as they are going to go and with any good economic news rates will start rising.
With some really good home prices, great mortgage rates and the $8,000 first time home buyer's credit available this year, buyers that can buy should be looking seriously now. Unfortunately so many unrealistic people are waiting for the bottom of the market, but you only know where the bottom was when you look back...
I recommend any local potential buyer's that can buy now to contact me. It is a great time to buy.
Posted on Saturday, June 6th, 2009 at 11:55 PM.
This is pretty much what we expected. This isn't good news for the lenders, but it is mixed news for us realtors. The good news lost in there is that our clients' loans won't be sitting in the queue behind all those refi's!
Posted on Thursday, June 11th, 2009 at 1:49 AM.
[...]Rates are up from last Friday, but they are down from earlier this week. The Bond market took a pretty good beating from a few of[...]
Posted on Saturday, June 13th, 2009 at 8:12 PM.
I love what Steve pointed out about the pipelines getting unclogged from all the refi's that will be somewhat helpful. People still have a good opportunity to purchase a home at a good rate.
It's nice to see a mortgage broker really taking charge and educating the buying public in a simple format on an even harder subject and I commend you for that.
Posted on Wednesday, July 1st, 2009 at 9:26 PM.
This is very bad news for the lenders, but I cant say that this was unexpected given the current climate. It would help everyone if their was an improvement in the employment figures. Until this happens buyers confidence will remain low.
Posted on Saturday, August 1st, 2009 at 4:12 AM.
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Not good news for us, but I knew the rates would eventually start upward. I guess all the agents out there, including me should encourage clients on the fence to move off the fence now and get qualified for their loan and get their home closed.
Posted on Saturday, June 6th, 2009 at 11:38 PM.