Weekly Oregon Mortgage Rates Update - Florence Oregon Real Estate Broker
Posted by Dennis Pease on Friday, August 1st, 2008 at 8:26pm.
July's employment report was released this morning. It showed that unemployment rose to a four year high of 5.7%. However, it also reported that just 51,000 jobs were lost during the month. I say “just”, because analysts were expecting 75,000 jobs lost. Either way the figures point to continuing weakness in the economy.
The Federal Reserve has another meeting next week, but it's not expected to change the short term rates at this time. As I've mentioned before, they're in a difficult spot. They would like to lower the short term rate to stimulate the economy, but the threat of inflation is too great to risk it right now.
Speaking of stimulus; the checks that were received back in May and June have now been cashed and spent. They did stimulate retail sales, but much of it went to purchase everyday items, and pay off credit debt. So, since the things that were purchased were already made, and retailers didn't ramp up inventory because the increases were short term, and paying off debt didn't stimulate anything; that whole stimulus package is pretty much over and done.
The good news, in my book anyway, is that even though there's some argument about whether or not we are in an actual recession, whatever this is, I believe we are closer to the finish than the start. I say this based on information from the National Bureau of Economic Research. They tell us that, of the 10 recessions since WWII, the average length of time was 10 months, and the longest stretch was 16 months. Since most believe the current “recession” started back about October, you can see that I'm going with the odds that we are over halfway. I'm thinking next Spring is going to look a whole lot better than the last. Now, all we have to do is get there.
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.
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30 year fixed conforming = |
6.500% |
|
|
15 year = |
6.000% |
|
|
3/1 ARM = |
6.125% |
|
|
5/1 ARM = |
6.125% |
|
|
Jumbo fixed = |
6.750% |
|
|
Jumbo ARM = |
6.625% |
|
|
FHA/VA 30 year fixed = |
6.500% |
|
|
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 Florence 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 sent you.
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Share5 Responses to "Weekly Oregon Mortgage Rates Update - Florence Oregon Real Estate Broker"
Welcome Jim, it's great to have a fellow Oregonian stop by. I think it is a little slow everywhere right now, but there are definitely buyers here buying. I see so many agents struggling now, yet at the same time many of us are having a great year.
I hope you are getting a good share of the real estate business in the Bend area.
Posted on Tuesday, February 17th, 2009 at 1:08 AM.
I enjoy following your blog. The Bend Oregon real estate market continues to be slow. It looks like a good time to buy in your area.
Posted on Tuesday, February 17th, 2009 at 1:09 AM.
Hi Dennis,
I think your right about this mess stabilizing twowards the end of this year as long as the bond insurers stay afloat. If the bond insurers start failing then the dooms dayers will have their 15 minutes of fame and we will most likely see a depression. So, keep your fingers crossed that we make it through this next wave of defaults. The worst will hit us in October of this year.
Should look good for home buyers next spring lots of decent homes dumped on at reduced rates due to foreclosure.
Posted on Tuesday, February 17th, 2009 at 1:11 AM.
I agree that the majority of the stimulus checks went to pay bills that people all have. It didn't stimulate anything except people being helped out to pay normal bills.
Posted on Tuesday, February 17th, 2009 at 1:14 AM.
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Dennis
4 out of our 5 past buyers have been from California.
Posted on Tuesday, February 17th, 2009 at 1:07 AM.