Eugene Oregon Mortgage Rates Lower Again This Week
Posted by Dennis Pease on Saturday, October 3rd, 2009 at 8:14pm.
Oooohhhhhhh, the rates are soooo low right now, as shown below. But obviously it's not the rates that are keeping the buyers away. More likely it's the unemployment rate that makes them nervous. I certainly can't blame them!
The national unemployment rate moved from 9.6% to 9.8% with this morning's Labor Dept report for the month of September. Of course, the buyers in this area are looking at an unemployment rate much higher here in Lane County and the state of Oregon . So, it makes sense that they're nervous about taking on any major debt at this time. However, for those who feel secure in their jobs, this is an excellent time for them to either purchase for the first time, or move up to the home they wanted three years ago, but were priced out of that market.
I want to go back to something I mentioned about 3 months ago; and that is the time difference between economic growth and increased employment. You are no doubt somewhat perplexed right now with the “talking heads” telling us that the economy is in a recovery mode, but jobs are going away at a pace that's hard to live with. I just wanted to clarify that the economic reports that keep coming out are definitely pointing to an upward trend. Certainly not all are positive, but the positive truly outweigh the negative, hence the incline in the graph. Whether or not that graph continues upward remains to be seen, but never-the-less the employment rate will always be a “lagging indicator”.
That simply means that as manufacturing, retail sales, and the service industry increases, employers will wait as long as possible to start hiring employees, in hopes of recovering lost profits over the past months, or years. Many have also found that they can increase production with less staff. We've seen it before. That's just business sense, and it's always been that way, and always will. So, don't fall into that “doom and gloom” trap that will suck the energy out of you when you need it most.
Yes, there are folks out there that are not in a position to buy a home today, but there are many more that not only can, but should!!!! Make sure you are in contact with those people, and you won't know who they are until you call them, strike up a conversation, and give them the knowledge that you work so hard to acquire.
If I can help answer their questions please don't hesitate to contact me by cell phone over the weekend as usual, or of course, any time during the week as well.
Have a terrific weekend!
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.
30 year fixed conforming = |
4.750% |
|
15 year = |
4.250% |
|
3/1 ARM = |
3.625% |
|
5/1 ARM I/O = |
3.875% |
|
Jumbo fixed = |
5.750% |
|
Jumbo ARM = |
4.000% |
|
FHA/VA 30 year fixed = |
4.875% |
|
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.
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Share8 Responses to "Eugene Oregon Mortgage Rates Lower Again This Week"
30 year fixed at 4.75 - that's not bad at all. First time home buyers need to get a foot through the door while they can still afford these rates, they may not last forever.
Posted on Sunday, October 18th, 2009 at 8:38 PM.
I'm almost kicking myself for having refinanced at 4.5% when I could have had 4.25%! These rates are simply unbelievable and surely won't last. People just starting out today (or folks with the ability to trade up) are definitely sitting pretty, especially when you factor in the $8K tax credit! WOW! Nice job on keeping everyone informed about rates and mortgage related news, Dennis. If only there was a lender in my market who could do the same for my blog!
Posted on Wednesday, October 21st, 2009 at 9:13 AM.
It looks like a good time to buy in your market. I don't think we will see interest rates this low next year. I'm encouraging my clients to buy Bend Oregon real estate now that prices and interest rates are low.
Posted on Friday, October 23rd, 2009 at 6:05 PM.
Jolenta, I agree with you and business has definitely increased here in the 3rd quarter for those reasons... I would think there should be a knowledgeable lender your area that would be interested in getting more name recognition through your awesome web presence. As you know it is critical that they write the post themselves. ;)
Posted on Saturday, October 24th, 2009 at 11:55 AM.
Jim, I would imagine with Bend so close to us that you are experiencing a dramatic increase in business as we are in Lane County. We have seen a large increase in buyers coming in that finally sold their homes in other areas, and in home buyers that are even purchasing second homes and investments properties. You know with investors starting to buy real estate again that they feel it is a good time with low interest rates and property prices down so much.
Posted on Saturday, October 24th, 2009 at 12:11 PM.
Dennis, You'd be surprised how many lenders I've approached and how little has materialized in the way of usable content. I had one lender send me a "company approved" article but it was bland, boring, and duplicate content to boot. I asked for an original article but he said the company would require it to be approved and therefore anything opinionated would probably not fly. I've asked other lenders but there is never any follow-up on their part. They'll be kicking themselves someday I'm sure! ~lol
Posted on Monday, October 26th, 2009 at 10:54 AM.
Great timing on loan lock. That is a great rate and anyone can use a $300 a month saving.
Posted on Tuesday, October 27th, 2009 at 12:27 PM.
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Don't forget to mention that first-time home buyer's federal tax credit. Time is running out on it though. If people want to take advantage of it, they need to sign the deed before the end of November I believe.
Also, excellent point about employers generally waiting to the last minute to hire. As you mention, with rapid increases in production technology, some companies are also able to invest in that technology and save on hires. But it's definitely not end of the road for folks.
Posted on Thursday, October 8th, 2009 at 12:17 PM.