First take a nice little read from Frank McGinnis in Myrtle Beach at Bank of America:
"OVERVIEW ~ Mortgage rates rose slightly, as the Dow Jones Industrial Average for shares of stock danced back and forth across the 10,000 mark. In the midst of investors' greater inclination to leave aside the safety of Treasury securities and seek out investments with higher risks and therefore higher yields, the mortgage interest rate only rose from about 5 to 10 basis points, depending on whose data we're looking at. The spread between the 10-year Treasury note and the average 30-year mortgage rate rose very slightly from 1.96% to 2.04% (as of October 19th's close), indicative of sustainable interest rates with little immediate inclination to rise or fall by a significant amount."
For those of you financial nuts hope this blends with your synopsis of the market place this past week...
Let's take a time out to everyone on the 2009 $8000 Tax credit...we all know the count down is almost over for the Nov 30th closing deadline...but wait, is there hope?!?! Congress is reviewing bills and amendments to the plan that would keep the stimulation in effect for the housing recovery and possibly open it up even broader to ALL BUYERS! How awesome. I mean, we can see the recovery over the past year here in the myrtle beach area of south carolina...but with that kind of monetary credit open to all buyers, we could really recover the real estate market back to normal levels. Mortgage rates are rising slightly and you know when demand increases so will rates so you will want to be on the front end of the buying-blitz. Stay tuned for updated info on the decision from the Government from Eagle Realty.