Fredericksburg's Friendly Blog

A great place to find real estate info and all things Fredericksburg.

Real Estate and Mortgage Industry News b

Real Estate and Mortgage Industry News by Tony Stevenson, SWBC
Mortgage rates have been at even “lower” historic lows for five weeks straight. Steve Walsh, who heads mortgage lender Scout Mortgage in Scottsdale, Arizona, says he has seen a surge in interest among borrowers looking to take advantage of low rates. “There’s a feeling that rates are basically at the lowest they can get.” For those with good jobs and finances, it’s a wonderful time to save potentially thousands of dollars-just based on current low interest rates. Not to mention the affordable housing prices that remain out there. This past Thursday Freddie Mac said the 30 year fixed rate index fell to 3.94% from 4.01% the week before. Mortgage rates are now even lower than they were in the 1950’s. The average 30 year rate reached 4.08% for a few months back then, according to the National Bureau of Economic Research. I have seen a jump in refinance applications as well as a slight jump in purchase applications in my local Texas business-especially in the Texas Hill Country. Keep in mind that it takes at least a 1% drop in rate in order to make it attractive to even consider refinancing as a rule. There are other factors to take into consideration such as asking yourself, “how long do I plan in staying in the home?”. If you are considering buying a home, then the time is obvious, now is that time!

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October 11, 2011 Posted by | Fredericksburg TX | Comments Off on Real Estate and Mortgage Industry News b

The Obama Administration may unveil new

The Obama Administration may unveil new changes next week to its existing foreclosure prevention programs. Modifications may help more homeowners refinance into lower rates. Reports speculated on plans for allowing borrowers with guaranteed loans from Fannie Mae & Freddie Mac to refinance into today’s rock-bottom rates.

October 11, 2011 Posted by | Fredericksburg TX | Comments Off on The Obama Administration may unveil new

>> Review of Last Week

By:

Marya Humble
Senior Loan Officer
Prime Lending

DOWN, UP, UP, UP, DOWN…That’s the way stocks went for five days, but all three major indexes ended the week up nicely anyway. The negatives as usual came from across the pond, with a ratings downgrade of Italy and Spain spurring investors’ fears of ‘contagion.’ In case you were wondering, this contagion refers to European governments’ debt problems spreading to major European banks whose difficulties could then cause losses at major U.S. banks…unless the European Union steps in.

For positives, the September Employment Report showed 103,000 new jobs, with upward revisions to July and August bringing the total to 202,000. But we’ve averaged only 72,000 jobs a month for the last six months, which isn’t enough to bring down the 9.1% unemployment rate. The services sector, providing about 85% of our jobs, still expands, with the ISM Services index on an upward, if slow, trajectory for 22 months. Even truck and rail volumes are up, two more signs of economic growth and no recession.

October 11, 2011 Posted by | Fredericksburg TX | Comments Off on >> Review of Last Week