Oregon Mortgage Rates: Weekly Update - Lane County - Eugene
Posted by Dennis Pease on Sunday, April 26th, 2009 at 3:34pm.
Mortgage rates for 15 and 30 year fixed loans stayed the same this week. However, the ARM rates got substantially better. That may mean that the investors in MBS (mortgage-backed securities) are loosening up a bit, and are more willing to take on these loans. Of course the guidelines are still very strict, but ARMs can be a great option for certain situations, especially in Jumbo loans.
The Commerce Dept released their report on Durable Goods Orders, (products that are intended to last more than 3 years), this morning, and it showed a decline in the orders of .8%. While this doesn't seem like a good thing, the analysts were predicting a drop of 1.5%. So, the report is better than expected, and certainly open to “spin”.
Also, reported today was the New Home Sales figures for March. This report turned out to be kind of interesting, because in it, the figures for February were revised upward, and then no change reported for March over the revised February sales totals. In other words, the New Home Sales were higher in February than was previously thought, and the March figures were at that same higher level. Again, spin this one however you want, but it's not a bad thing.
The FOMC (Federal Open Market Committee) meets again this next week on Tuesday and Wednesday. It's not expected to change the short term rates this time, but what they have to say in their post-meeting comments always creates a little volatility in the markets; at least for a day. The committee set the short-term rate at 0.0% months ago, so they have no more to give in that regard. And, since inflation is not currently a big threat, it's very unlikely that they would consider raising that rate.
So, all is well, or at least as well as it can be. I think you're going to find many questions from buyers out there over the weekend, simply because there are so many programs, guidelines, and roadblocks, that they would like to negotiate. Just call my cell phone and get some answers.
I'll be available all weekend by cell, but I have to say that it may be very noisy during the day, but I will call you right back if I miss it. Ask me about riding in a race car! I can provide the ride if you're interested.
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 = |
4.875% |
|
15 year = |
4.375% |
|
3/1 ARM = |
4.375% |
|
5/1 ARM = |
4.375% |
|
Jumbo fixed = |
5.750% |
|
Jumbo ARM = |
4.450% |
|
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
Real Estate Broker, Dennis Pease invites you to see more 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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Share8 Responses to "Oregon Mortgage Rates: Weekly Update - Lane County - Eugene"
I am hoping 30 year rates stay below 5 percent for the summer. But I am beginning to think they are going to move up slowly over the next few months.
Posted on Tuesday, May 12th, 2009 at 5:38 AM.
I totally agree with you Ki. As the media starts talking about positive things (totally out of character for them, I know), consumer confidence will begin to rise some as will the mortgage rates. A small up tick in rates makes a big difference in a monthly home payment.
With the first time buyer credit of $8,000 available this year, very low mortgage rates and some home prices that are just irresistible, to wait any longer for a better deal is probably something people will regret.
How many times in your past have you looked back and said to yourself, "I sure wish I would have bought back when ..... ". You can fill in the blanks and I believe we are there again. One of the indicators I see is the smart investors that are coming back in the market. We all know how that works; the people that get in early at the right time make the most money and the people that wait too long always miss the boat. History has shown this over and over again.
Where do you fit in this picture. I would encourage anyone interested in Oregon property to call me.
Posted on Friday, May 15th, 2009 at 12:30 PM.
I also agree, but feel it would be a mistake if rates start moving up this soon. The winter is generally on of the slowest times of the year for real estate and to raise rates just because we see a decent Summer would be a mistake with the amount of inventory in the market and the number of foreclosures on the books.
Posted on Friday, May 22nd, 2009 at 3:37 PM.
Thanks for the details; it's good to hear that ARM rates got better and that the Feb. new home sales were better than previously reported.
I think they might tinker with rates a tad to see if raising them would get people off the fence. That might backfire though...
Posted on Monday, June 1st, 2009 at 1:46 AM.
Definitely encouraging to see these ARM rates improving, even slightly. Going to be interesting to watch those rates over the next few months and how that effects new home sales as we move into the summer.
Posted on Tuesday, June 2nd, 2009 at 1:39 PM.
It's nice to hear that things are finally starting to get better. 2008 was a real downer.
Posted on Wednesday, June 3rd, 2009 at 2:48 PM.
It's really awesome, like Alfred said, to see things getting better. When we have good news like these, we always think about when this dark cloud will go away
Posted on Wednesday, July 8th, 2009 at 9:47 AM.
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Nice information on Mortgage Rates..Thanks
Posted on Tuesday, April 28th, 2009 at 1:15 AM.