Eugene Oregon - Have We Hit Rock Bottom
Posted by Dennis Pease on Friday, April 17th, 2009 at 11:54pm.
Mortgage rates are still about the same as last week, as shown below. Obviously rates are not the problem! Nor have they been for many months; actually 7+ years if truth be told, but then after a while it all becomes relative. There are most likely some buyers out there who are waiting for that “perfect storm” where interest rates, and home prices, bottom out; everything goes crazy and they finally put their hook in the water.
I hope you are telling your clients that hitting that point in time is like crabbing on the Bering Sea; Good Luck! You have to really know what you're doing, and be willing to suffer the consequences.
There are so many awesome buys out there right now that they need to be in this market if they are at all interested, and ready.
Interested is a given; ready is much different! Please have your clients be in contact with me, or any mortgage professional, to make sure they can jump when the property they fall in love with comes along.
I'm sending this out a day early because I'll be out of the office tomorrow. However, I'll be available by cell phone tomorrow and all weekend. Just call if you or your clients have questions.
Have a terrific sunny 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 = |
4.875% |
|
15 year = |
4.375% |
|
3/1 ARM = |
4.625% |
|
5/1 ARM = |
4.500% |
|
Jumbo fixed = |
5.750% |
|
Jumbo ARM = |
4.150% |
|
FHA/VA 30 year fixed = |
5.000% |
|
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. I hope you find value in Lorin's weekly update on the mortgage markets., and by all means call him with any questions.
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Share10 Responses to "Eugene Oregon - Have We Hit Rock Bottom"
Love the crab fishing reference. Indeed the mortgage rates are on their way to the bottom and I am waiting to see the uptick and if it drives folks to buy now and not wait any longer.
Posted on Tuesday, April 21st, 2009 at 8:24 PM.
Like catching a falling knife, as they say.
Even experts can't predict when prices will be at bottom.
Posted on Thursday, April 23rd, 2009 at 4:21 PM.
It's hard for anyone to know when the "prime time" is...but overall even with all the hype of how bad the market supposedly is if you do your homework & stay within your means there's not really a bad time either.
Posted on Thursday, May 14th, 2009 at 9:46 AM.
To me it seems like buyers are realizing that with these low rates and market prices way down, it is a good time to buy. I think people that sit back and wait much longer are going to see rates slowly climbing and before they know it they will be saying "dang it, we should have bought in the spring and early summer of 09' when everything was in the buyers favor".
Posted on Friday, May 15th, 2009 at 12:05 PM.
The US Government is selling a lot of treasury’s to finance all this debt. It is now pressuring the interest rate market. The Fed is buying treasury’s to try to keep rates down but the paper is huge. This is the only threat I see to our real estate recovery right now, competition for capital. I hope there is a resolution that I don't see right now, out there.
Posted on Friday, May 15th, 2009 at 9:38 PM.
I am telling my clients and prospective clients this very thing. How are we to know we are at the bottom until it starts to move upward? We need to convince our buyers NOW is the time.
Posted on Saturday, May 16th, 2009 at 2:25 PM.
I think that in order to try to find out if we have hit rock bottom it is important to review seasonal sales for the last several years. Comparing month to month can be misleading. We will not know what the bottom is until prices start to rise.
Posted on Monday, May 18th, 2009 at 4:58 PM.
We're getting awfully close to rock bottom here. In fact, we've had a couple of national news outlets already calling it the bottom for Phoenix. I hope they're right!
Posted on Tuesday, May 19th, 2009 at 1:51 AM.
This article was timely. Mortgage rates have crept up over the past few months. And now in San Diego median prices have risen for five consecutive months. The bubble-bursting party is over for the time being.
Posted on Friday, June 19th, 2009 at 1:49 AM.
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Some buyers listen, then there are those who will be waiting forever.
Posted on Tuesday, April 21st, 2009 at 10:56 AM.