The current economy prevents the real estate market from being busy.  And although a stumbling economy means fewer jobs it also means lower mortgage rates. So if you’re in the market to purchase a home loan or refinance the one you already have, now is the time to take advantage before they rise up again.

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It’s a great time for buyers who waited patiently for prices to come down. Why continue to rent when you can buy for 10 or 20 percent less than you would have paid a few years ago? For sellers, it could be time to consider trading up.
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Why you should buy that home now: The Obama administration finds itself balancing the need to spur the economy through promoting the housing and mortgage market, while protecing banks and other investors from risky morgages.  On Feb 11th it presented a broad plan to begin shrinking its support of the nations mortgage market.  Though the plan lacked details or a timeframe, the resolution is far from certain that it will be completely implemented in the next couple of years. Continue Reading…

Interest rates continue to remain at historical lows, though they are up from where they wee several months ago.  If you are looking for a general rule of thumb, as the stock market goes, so do interest rates.  The most recent jobs report showed the unemployment numbers decreasing and most other economic indicators have been positive lately which accounts for the rising market and interest rates.

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 30 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change.

The Fed announcement last week about an expansion of the mortgage-backed securities (M BS) purchase program pushed mortgage rates down to the lowest levels in decades, according to the weekly surveys from the Mortgage Bankers Association (MBA) and Freddie Mac. This week, mortgage rates held the improvement, ending nearly unchanged from last Friday. Continue Reading…

Mortgage rates held steady during the first half of the week, until Wednesday’s Fed meeting. As expected, the target for the Fed Funds rate remained unchanged, close to a level of zero. Heading into the announcement, the biggest question for investors was whether the Fed would begin to purchase Treasury securities in addition to mortgage-backed securities (MBS) to help support the financial system. Continue Reading…