Eugene Weekly Mortgage Update - Eugene Oregon Home Loan News
Posted by Dennis Pease on Saturday, April 4th, 2009 at 12:10am.
Mortgage rates have inched up just slightly, as noted below. The Labor Dept reported 663,000 jobs lost in March, which should have rallied the bond market and pushed rates lower. However, that number was less than had been anticipated, so it was seen as a plus by investors. After yesterday's stock rally the S&P 500 is up 23% since March 9 th when it hit a 12 year low.
Stocks were not really affected today by the jobs report because employment is always a ”lagging indicator”. As the economy starts to turn and regain some strength, employment is usually last to recover. Investors also seem to be saying that they hold out some real hope that the steps being taken by the government will actually work. Again, it's a change in attitude that will bring about a change in the economy.
Having said all that; yes, I agree, I believe that April of '09 is a little too early to be making any wide-eyed predictions. However, studying everything I can study, and discounting the pros from the people I don't particularly like, (well, that's how you do it, right?!), I am still seeing enough optimism in the markets to make a difference in how long this recession actually lasts. Time, however, is the king. So, we'll wait and see.
In the meantime, let's make sure we're looking at all the alternatives that are out there for putting buyers in homes. FHA is not the only game in town. USDA Rural Development is available in most of Lane County outside the UGB of Eugene-Springfield. The SHOP program for Springfield is still fully funded. HAP, in Eugene , will be back up as of July 1st , and that's not that far away. Seller paid buy-downs can still work for many folks, and ARMs and interest only loans are still viable, especially for the savvy buyers in the upper price range.
Don't be an order taker! Control the transaction; because the 30 year fixed is not always the best answer for everyone. I can help with that! However, rest assured that I have been in sales way too long to not know when to limit the number of options or when to shut up. J
It looks like we're in for a very pleasant weekend. I hope you truly enjoy it! If you or your clients need questions answered over the weekend, please call my cell phone.
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 = |
5.000% |
|
15 year = |
4.625% |
|
3/1 ARM = |
4.875% |
|
5/1 ARM = |
4.500% |
|
Jumbo fixed = |
5.750% |
|
Jumbo ARM = |
4.150% |
|
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
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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Share6 Responses to "Eugene Weekly Mortgage Update - Eugene Oregon Home Loan News"
I believe you are 100% correct Tony. I think buyers may be starting to realize this too. I would just advise them to act now, because mortgage rates can rise quickly when that time comes and then the window of opportunity has passed.
How many times in your past can you say; I sure wish I would have bought when.... Yep, we are there again with very low rates, motivated sellers and a large inventory of bank owned homes.
People with the ability to buy homes now should be jumping at the opportunities available and if you're not sure what opportunities are available... Call me (541) 844-9287
Posted on Friday, April 10th, 2009 at 3:30 PM.
hey man can u tell me how is your market I in Myrtle Beach, SC things do seem to be picking up,
lets hope they continue to get better
http://www.myrtlebeachforeclosures.net
Posted on Saturday, April 11th, 2009 at 1:14 AM.
Great information. Many buyers do not realize how fast interest rates can change from one day to the next.
Posted on Monday, April 13th, 2009 at 11:38 AM.
I know inflation is inevitable...But do some honestly think we are going to see mortgage rates like we did in the 80's? I am assuming that based off of this recession, most will learn to not even buy at that point which will crush the housing market, forcing the Fed to lower rates consequently. Won't happen IMO.
Posted on Wednesday, April 15th, 2009 at 7:05 PM.
I don't think anyone is talking about double digit rates like we saw in the 80's. But if you compare a home payment at today's rates opposed to 6 or 6.5 percent which will come back, that makes a considerable difference in a monthly payment.
There is already some talk of being at or near the bottom in real estate prices. This can vary considerably depending on your area. Once the public believes we have hit bottom, it will be too late to lock in the great rates because they will change quickly to reflect the optimism in the market.
Posted on Wednesday, April 15th, 2009 at 9:01 PM.
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it's hard to believe that rates have been below 7% for this long. it's been like 10 years now. but with all the money being printed, inflation can't be too far off. then watch out, we could be at rates like the 80's again. my parents bought a home in the late 70's with a mortgage at 15% !
better take advantage of these low rates while we can!
Posted on Friday, April 10th, 2009 at 3:18 PM.