Lane County Mortgage Rates | Eugene Real Estate
Posted by Dennis Pease on Saturday, January 10th, 2009 at 12:04am.
Rates have been down pretty much all week. The rates shown below are lower than last Friday's. So all is good there.
Generally, when we have an employment report like the one that came out this morning, (terrible), we see mortgage rates come down even lower due to investors pulling funds out of the stock market, and placing them in bonds. However, since this mornings report is actually a week later than normal (usually the first Friday of the month to report the previous month's job situation), the pricing in the bond market was already built-in. So, the bad news had little effect on mortgage rates.
Obviously the rates are fantastic, and as you might have guessed, the lenders are swamped with refinance loans; which has made turn times a lot further out than we've seen in a long time. I'm telling you this so that when it comes time to write up those offers, you can plan on 45 days for closing. That will definitely be the case if we are doing an FHA or VA loan. But, please allow the extra time no matter what loan type is being used. Everyone will be happier, I guarantee it.
Please let me know if I may be of help to you or your clients. I'll be available all weekend on my cell phone.
Have a great weekend, and an awesome 2009!
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.
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30 year fixed conforming = |
5.000% |
|
|
15 year = |
4.875% |
|
|
3/1 ARM = |
5.500% |
|
|
5/1 ARM = |
5.250% |
|
|
Jumbo fixed = |
6.200% |
|
|
Jumbo ARM = |
5.000% |
|
|
FHA/VA 30 year fixed = |
5.000% |
|
|
Prime rate is currently = |
3.250% |
Authored by Lorin Wamsley, CMPS - Senior Mortgage Consultant, Precision Funding
Phone: 541-681-8787
Dennis Pease - ReMax Integrity Eugene Real Estate Broker invites you to Search All Lane County Homes For Sale . If you are looking for a mortgage consultant, call Lorin at the number above and tell him you read him here.
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Share12 Responses to "Lane County Mortgage Rates | Eugene Real Estate"
Those are definitely low rates you have posted there. Its too bad the average buyer is being pressed for unreasonable terms from the banks. Here in Canada its the same thing. All the while their getting millions to cover themselves. Something needs to be done!
Posted on Tuesday, February 17th, 2009 at 3:59 AM.
The rates are really low here. I would have to agree with Paul, something needs to be done.
Posted on Tuesday, February 17th, 2009 at 4:00 AM.
The real estates may get a boom soon with Obama's new polices this year. Economic crises have started to settle down and the market will be back on its feet.
Posted on Tuesday, February 17th, 2009 at 4:02 AM.
The rates are very reasonable. I am not new in this field but still i am learning from your post.
Posted on Tuesday, February 17th, 2009 at 4:04 AM.
Thanks for sharing this great information.
Posted on Tuesday, February 17th, 2009 at 4:05 AM.
Hi Dennis I am new to this whole real estate thing and found your information very helpful. I will be learning more from you.
Posted on Tuesday, February 17th, 2009 at 4:07 AM.
It is expected that the real estates will be slow this year because of the global economic crises that we are experiencing today. With financial crises people are prioritizing their immediate need and real estate is not on the top of priority. We'll just pray that it will be get better next year.
Posted on Tuesday, February 17th, 2009 at 4:08 AM.
When people overspend, at some point they have to underspend. That's just how it works. And since so many people overspent " all at the same time " there is a massive market correction underway.
I personally never went crazy with consumer spending. So my current retail buying habits are essentially unchanged. We still buy clothes occasionally, etc. No more and no less than before.
(In fact, my wife has to drag me out of the house once or twice a year to update my wardrobe. I've been known to wear the same shirt for 7+ years before realizing, You know, I should probably get rid of this shirt.)
What got me into debt trouble was spending money on so-called business opportunities. It's been a long time since I've been in that market/mindset, and I've come a long way (thankfully).
Regards,
Michael McLaughlin, Cary real estate
Posted on Saturday, February 28th, 2009 at 11:54 AM.
The liquidity in the market will be taken out with the recovery of the economy and this will be an indicator of the future direction of the mortgage market.
Posted on Sunday, March 1st, 2009 at 11:41 AM.
well, I guess until now mortgage rate still declining and so the real state prices. But not all areas in the country is suffering that much. Some are having good sales, because people who lost their house in suburban, moves to another area to buy house where they can afford it. Cheers, Michael McLaughlin, Cary real estate
Posted on Thursday, March 12th, 2009 at 8:53 AM.
In addition to homeowners who lost their jobs, there were residents here who also took out risky loans and told — or acquiesced to — little lies in order to close their real estate deals, the same as the rest of the country, mortgage brokers say. The lies got them into loans they couldn’t afford and now they’re heading into foreclosure.
Cheers,Harry,Panama real estate.
Posted on Friday, May 15th, 2009 at 11:56 AM.
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Dennis, thanks for making the updates!
Posted on Tuesday, February 17th, 2009 at 3:57 AM.