Eugene Oregon - Mortgage Rates Steady - Giving Buyers More Time
Posted by Dennis Pease on Monday, July 6th, 2009 at 12:12am.
Mortgage rates were a little worse earlier this week, but with the jobs report that came out this morning the bond market has made some gains as stocks take a dive. The rates below are just slightly higher than last Friday, but with the sour economic news they are likely to trend a little lower into next week.
This is as good a time as any to remind you that, although some of the lender's turn times are getting better, a 30 day contract close is still too optimistic. Remember, the lenders with the very best rates are more likely to have extended underwriting times. It's your buyer's loan officer's job to provide them with the best rate, and you with accurate information on closing times. I take that job very seriously.
I'll be available by my cell phone number below, if you or your clients need a little help.
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 = |
4.875% |
|
3/1 ARM = |
4.000% |
|
5/1 ARM = |
4.375% |
|
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
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Share12 Responses to "Eugene Oregon - Mortgage Rates Steady - Giving Buyers More Time"
Defnitely think homebuyers should take advantage of these rates while they last..because they wont and cant. Inflation will be hitting these rates and getting rid of the best homebuying opportunity in years. Although prices have decreased the home affordability will still get hit because of higher rates. Get in now!
Posted on Tuesday, July 7th, 2009 at 10:20 PM.
Steady rates of mortgage may be pleasing news for would-be home-buyers. However, we cannot deny that the remaining NPL and foreclosure still matter amidst the continuing economic slump. The worst scenario might be selling the existing home and not otherwise. Regarding with such unexpected displeasure, Home Staging Tips may be useful to increase the value of the home.
Posted on Monday, July 13th, 2009 at 5:59 AM.
I have 2 contracts right now that the buyers want to close ASAP and the lenders are telling us the middle of August. It is hard to get the 1st time homebuyers to understand the longer timeframe.
Posted on Monday, July 13th, 2009 at 2:56 PM.
It was worrisome there for a while when the rates were creeping up. Rates have taken a breather in the past couple of weeks. But these low rates definitely won't last forever. As soon as inflation rears its ugly head the good times with these 5% rates will be gone. So yes, it is a good time to buy or refinance. Low prices on homes and low rates are a great combination.
We are seeing loans get done in 30 days in San Diego. It takes the right lender, and some well-applied pressure to get it done sometimes. But it can be done.
Thanks for your post.
Posted on Friday, July 17th, 2009 at 1:28 AM.
Since it seems that buyers are always thinking that rates will go down, I believe that many of them will realize, too late, that they missed the best time to buy a house if they continue to wait for lower rates and lower home prices. This is an excellent time to buy a home. For the underwriting problem, an extra 15 days due to underwriting is worth it for the interest rates and home prices of today.
Posted on Monday, July 20th, 2009 at 10:45 AM.
The rates that buyers can get today are historically incredibly low, they wont be around for ever, buyers should strike now while the iron is hot!!!!
Posted on Tuesday, July 21st, 2009 at 2:44 PM.
I agree that now is a great time to buy. Although things are starting to look up in the Raleigh area, buyers around the country are still afraid to buy a house despite the great rates and tax breaks. But, things are slowly turning around.
Posted on Wednesday, July 22nd, 2009 at 1:27 AM.
I agree Patsy - what's an extra 15 days for these great rates and home prices? The underwriters are just being careful after all the hoopla we just went through.
Posted on Wednesday, July 22nd, 2009 at 11:17 PM.
These rates are still much lower than what buyers were getting a few years ago. Coupled with the 1st-time homebuyer tax credit, it is a great time for buyers right now!
Posted on Friday, July 31st, 2009 at 11:03 AM.
It is the nature of the beast..always waiting in anticipation of buying the absolute bottom only to panic and buy higher when the trend changes. We as Realtors need to help bottom pickers to understand that it just does not get much better than this.
Posted on Monday, August 3rd, 2009 at 12:59 PM.
Great Post! I am a Dallas Realtor and I have a lot of first time home buyers that are wanting to buy while the tax credit is available to them. I find that the market is turning around and hopefully the economy will too.
Posted on Wednesday, August 19th, 2009 at 4:07 PM.
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Turn time on a loan can be crucial. I had a job recently with a major bank. Their system has backed up with home loans, refi's and who knows what else. We had a poor appraisal, and it took almost 3 weeks to get a reconsideration done (delays in the bank system and with the appraiser). Bottom line: that deal did not get done.
Posted on Tuesday, July 7th, 2009 at 9:26 AM.