Mortgage Rates as low as 3.95%

Mortgage applications to purchase homes rose 0.3 percent on an adjusted basis last week, virtually unchanged from the previous week, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, purchases decreased 0.3 percent compared with the previous week and were 34.1 percent lower than they were the same week a year ago.

This trough in purchases comes despite the fact that 30-year fixed rate mortgages are at the lowest level they've been since the MBA began keeping track:

• 30-year fixed-rate mortgages decreased to 4.57 percent from 4.60 percent.
• 15-year fixed-rate mortgages decreased to 3.95 percent from 4.03 percent.
• 1-year ARMs decreased to 7 percent from 7.10 percent.

Source: Mortgage Bankers Association (08/11/2010)

As noted in my previous blog home sales are firming up and have stopped dropping, actually are increasing slightly on a National level but also in the Traverse City real estate market.  If you are at all considering purchase a home now is the time!  Interest rates are at all time lows and prices, today, still are as well.   Do not wait thinking you will get a better deal in 6 months or next summer.  Contact Jon today for your Traverse City real estate needs!

Buyers: In todays competitive market many homes (especially the "great deals") and properties are sold  even before they are advertised to the public. With my New Listings Notification System you can instantly be sent any new properties matching your parameters from my website or take it one step further and contact me and ask to be setup on my auto-prosepcting program directly from the Traverse City multiple listing service and recieve ALL new Traverse City MLS listings or price changes within 15 minutes  of them hitting the Traverse City MLS, giving you, my clients ,FIRST DIBS and being a step ahead of the competition!  Looking for bank foreclosured homes or short sales ? Contact me  for a complete list of local foreclosures & short sales with advice on the special buying process for these properties. See what my other buyers, sellers and collegues have to say about me on my "Client Testimonials" page.  Traverse City  area residents thinking of  buying out of area? I can help with that as well. I will get you set up with a quality agent in the area you are considering all you have to do in supply me with some basic criteria and I will take it from there!