Eugene Oregon - Mortgage News
Posted by Dennis Pease on Sunday, June 28th, 2009 at 1:58pm.
Rates are little better today over last Friday, as shown below. The stock markets aren't as happy as they were last week, and the FOMC meeting I referred to in last Friday's email didn't seem to make much of an impact. Therefore, the bond market is doing better as of now. The auctions of long term government debt were well received earlier this week, which again helped the bond market make some gains.
That's it in a nutshell, but I'd like to talk about a couple of rumors and reports out there in medialand that buyers may be asking you about. A possible $15,000 tax credit for all buyers, not just first-timers has been proposed, but is definitely not even close to being approved. When I tried to calculate what that would cost the government in revenue my calculator started smoking. We may see some iteration of this proposal down the road, but don't hold your breath.
Also, there was some talk of a mortgage interest rate buydown proposal sponsored by the government, but that hasn't materialized at all. I think, many of these rumors are associated with the fact that there is a strong feeling that the government is going to take care of everything. Of course, this is not the case. However, like it or not, the various departments of the government that have truly tried to help the housing market, in the short term, have done a pretty good job. Imagine where we'd be if rates were allowed to go to 7.00%+. OMG!
I'm reserving my comments regarding the long term effect to a later date. J
If you hear any rumors of great programs out there that you would like some answers to, please contact me. I'd be glad to research them if I don't already have the answer.
In the meantime, I'll be available by cell phone all weekend to help you and your clients.
Have a great 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 = |
5.250% |
|
15 year = |
4.750% |
|
3/1 ARM = |
4.000% |
|
5/1 ARM = |
4.500% |
|
Jumbo fixed = |
5.750% |
|
Jumbo ARM = |
4.350% |
|
FHA/VA 30 year fixed = |
5.500% |
|
Prime rate is currently = |
3.250% |
Authored by Lorin Wamsley, CMPS - Senior Mortgage Consultant, Precision Funding Phone: 541-681-8787
Search all Eugene Oregon Homes for Sale. Call us to schedule any home showings or if you have any questions.
4 Responses to "Eugene Oregon - Mortgage News"
Dennis,
It's nice to see someone address the 15k tax credit in a realistic manner. It's sadly something that could have been done before we burned 787 billion and trillions to follow.
I was lobbying on a local level for the 15k tax credit which is nothing new but now we're too far in the hole to even make it a logical decision.
Your take on the bond markets is breath of fresh air as well. I look forward to reading more of your insightful posts
Posted on Wednesday, July 1st, 2009 at 9:15 PM.
Mortgage rates have stayed down long enough for many buyers to expect that to be the new norm... when they do start to really climb perhaps some of the fence sitters will make a positive move and buy their home NOW.
Posted on Friday, July 3rd, 2009 at 10:50 AM.
I have heard rumors about the 15,000 credit, so have a few others. It is giving some buyers a reason to wait longer. I remind them it is a rumor and a chance I wouldn't take.
Posted on Wednesday, July 8th, 2009 at 7:44 AM.
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I wouldn't count on any more government-sponsored mortgage/housing-related programs in the very near future. Although some of the steps the government has taken to seem to have been having a positive impact, they really need to give the current programs more time to do their work. Of course, that would be logical, and no one has ever really accused the government of being logical! ( :
Posted on Sunday, June 28th, 2009 at 4:25 PM.