Lane County Oregon - Mortgage Rates Remain Steady
Posted by Dennis Pease on Sunday, August 23rd, 2009 at 9:16pm.
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.
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