A struggling economy and worsening labor market ranks Phoenix-Mesa-Scottsdale's housing market number three of the top ten high risk housing markets for mortgage default according to a first quarter 2009 report from First American Core Logic. The report tracks house price depreciation/acceleration as it relates to housing affordability. According to the report, the top three best places to own real estate from a low risk perspective are 1:Austin - Round Rock, Texas, 2:Omaha - Council Bluffs IA/NE, and 3: Wichita, KS. The report includes a few predictions on new foreclosure activity based on lender servicing data.
Interest Rates for July 13, 2009
Poor economic numbers have reversed the upward trend for mortgage interest rates over the last two weeks. Dow is recovering some of last week's losses this morning up 150 pts. MBS prices relatively flat.
Conv/Conf 30Yr Fixed* 5.375%
Conv/Conf 15Yr Fixed* 4.750%
FHA 30Yr Fixed* 5.250%
* Above Conventional rate quotes are as of 7/13/09 on a Conventional $165,000 loan amount, primary residence at 80% loan to value, with a 720 FICO score. $1,200 in lender fees and 980 in title charges (title charges may vary). FHA Quote assumes a $125,000 loan amount and a 680 FICO score, and a 96.5% LTV. Documentation of income and assets required. No origination or discount points.
