Mortgage Rates Holding Steady For Oregon Home Buyers
Posted by Dennis Pease on Friday, August 22nd, 2008 at 10:00pm.
As you can see below, rates haven't changed much in the last week. There have been a few reports out that were favorable to the bond market, and would have pushed rates lower, but the reports that have indicated that the threat of inflation still weighs heavy on the minds of investors, has prevented that from happening. Mortgage rates are still great though.
You may have seen information on the new $7,500 tax credit available to first time homebuyers. Essentially it is a tax credit worth 10% of the home's sale price up to $7,500. It can be taken on homes purchased between 4/9/08 and 7/1/09. It is designed to get first time homebuyers energized. But understand that this is a tax credit, not upfront money. So, it remains to be seen whether or not this will help clear out some of the current inventory.
The challenge is to break through the psychological barrier that qualified buyers currently have, regarding the notion that prices have not yet hit bottom. A $7,500 tax credit just may do it for some of them. However, it is not an assistance program that would help buyers who do not qualify for financial programs currently available.
Likewise, the seller sponsored down payment assistance programs are biting the dust. Nehemiah, Ameridream, etc. are not going to be accepted by lenders much longer. It's obvious that lenders want buyers who can make it on their own. It's all about risk. I tell you this not to cast a dark cloud over things, but rather to help you focus on the clients that can strengthen your business. We will always have those clients that need more work, and there are still programs out there to help many of them out.
The tax credit program mentioned above can be a huge pry bar to get qualified buyers off the fence. Let me know if you need more information on this. And, if your clients can find the time to visit with me in my office, I'd be happy to run a software program that will show them exactly what that means to them in dollars and cents, both short and long term.
If you or your clients need assistance over the weekend please call my cell phone. (Below)
Have a terrific, sunny 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.
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30 year fixed conforming = |
6.500% |
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15 year = |
6.000% |
|
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3/1 ARM = |
6.000% |
|
|
5/1 ARM = |
6.125% |
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Jumbo fixed = |
6.750% |
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Jumbo ARM = |
6.875% |
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FHA/VA 30 year fixed = |
6.500% |
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|
Prime rate is currently = |
5.000% |
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 Oregon Real Estate information and All the Area Real Estate Listings . If you are looking for a mortgage consultant, call Lorin at the number above and tell him Dennis referred you.
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Share6 Responses to "Mortgage Rates Holding Steady For Oregon Home Buyers"
I really like that picture of the house in the cloud.
Posted on Tuesday, February 17th, 2009 at 1:20 AM.
The 7500 seems pretty nice. I wonder if it is like other first time buyer where to qualify instead of being a true first time buyer you just have to have not bought something in the last 3 years.
Posted on Tuesday, February 17th, 2009 at 1:20 AM.
Ki, you are correct in that as long as you have not owned a home in the last 3 years you are considered a first time home buyer.
This weeks update gives a little more details on the new "Housing and Economic Recovery Act of 2008"
http://www.dennispeaseteam.com/blog/dennis/weekly-eugene-oregon-real-estate-mortgage-rates-update/show/
Posted on Tuesday, February 17th, 2009 at 1:22 AM.
Good Blog...i'm glad you clarified that the $7500 is tax credit not real money...
Posted on Tuesday, February 17th, 2009 at 1:24 AM.
Yeah, we're having that problem with potential buyers here in Myrtle Beach. No matter how good the deal, they keep waiting for prices to go down a bit more. Hopefully, will break out of this soon.
Posted on Tuesday, February 17th, 2009 at 1:25 AM.
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The problem is everywhere, even in decent markets like Austin, TX. The savvy buyers are waiting for the bottom before they jump back in. I have clients that have been in an apartment in Austin for over a year becuase they just keep waiting.
Posted on Tuesday, February 17th, 2009 at 1:18 AM.