Eugene Oregon - Mortgage Rates Lower This Week
Posted by Dennis Pease on Saturday, August 15th, 2009 at 10:03pm.
Okay! Rates are better today after being higher earlier in the week. You'll see the rates below, but I wanted you to note that the 5/1 ARM is now showing an “Interest Only” rate. I've found this to be somewhat useful for the executive types that are breezing into town and don't plan on staying in the home for long, but want a nice showy place for social functions. God bless ‘em. :)
Also, as I've mentioned before, I don't usually attach anything to my posts. However, the attached article (PDF File) is from the Harvard Law and Policy Review, and could give you a bit of insight into why foreclosures, and more importantly, short sales, are so hard to deal with. The article is entitled “Modifications of Mortgages in Bankruptcy”, which I realize you may not care much about, but I think you'll find the information, as dry as it may be, very enlightening as it applies to short sales, and the secondary markets as a whole.
The simple, and extremely brief, synopsis of this article is that “the bank” you may be dealing with on a short sale is usually not the owner of the mortgage, and therefore has very little power to modify or accept a short payment. Since most mortgages are “securitized”, which means they are bundled together with many other mortgages and sold on the bond market, any particular mortgage may be fractionally owned by a thousand different investors. So, obviously nothing is going to happen very fast. If you'd really like to know more, please read the article. If not, have a terrific weekend, and keep on doing what you do best………… sell real estate!!!!!
I'll be available as usual this weekend by cell phone. Please call if I may be of help to you or your clients.
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 = |
3.750% |
|
5/1 ARM I/O = |
4.125% |
|
Jumbo fixed = |
5.750% |
|
Jumbo ARM = |
4.200% |
|
FHA/VA 30 year fixed = |
5.250% |
|
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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[...]Mortgage rates are the same as last week, as shown below. This mornings release of the existing home sales figures, which was the highest in two years, coupled with Fed Chairman Ben Bernanke's comments have pushed the bond market down, but once again we're seeing a knee jerk reaction to positive economic news. I suspect that things will settle again next week when the naysayers have their say.
I'm sure you've heard a lot of grumbling about the new rules governing the mortgage industry. It will go on for some time, but the reality is that we will simply have to work with it until “they” figure out the changes are not actually helping the consumer at all. In the meantime you need to know there can and will be delays in turn times for closings. Things like, when we can order an appraisal; and, any redisclosures by the lender will mean the transaction can't close until 7 business days after the new disclosures are mailed out. There are other nuances to these new rules that are going to cause some problems, but just keep in mind that even though 30 day closings may still be possible, please allow as much time as you can when writing up a sales agreement.
This weekend I WON”T be available by cell phone Friday afternoon and evening or Saturday afternoon and evening, as Bren and I will be helping with and attending our youngest son's wedding. Nick and Bri will be married in the woods, on a farm east of Salem . Lots of friends, family, camping, and celebrating. So, it should be a great weekend.
I will however, be available by cell phone on Sunday and Monday, but I won't be back in the office until Tuesday morning.
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 =
5.250%
15 year =
4.750%
3/1 ARM =
3.750%
5/1 ARM I/O =
4.125%
Jumbo fixed =
5.750%
Jumbo ARM =
4.200%
FHA/VA 30 year fixed =
5.250%
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.[...]
Posted on Sunday, August 23rd, 2009 at 9:16 PM.
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Thanks for the attachment from Harvard. A very interesting read!
Posted on Wednesday, August 19th, 2009 at 9:07 PM.