Monday Market update

By
Mortgage and Lending with Republic Mortgage Home Loans in Olympia Washington

Happy Monday!!

 

  Hope you had a nice weekend.  How's your Christmas list coming??  I was so excited to get everyone done except for that one person I have no idea what to get.  I also noticed there were still some tags on the giving tree at the mall and Red Robin.. I am planning on going back this week and seeing what I can do to help  someone have a great Christmas.  I would encourage anyone else who has the ability to do so to stop by and see what you can do to help someone else.

Now, while we are all out trying to ramp up business for the coming months a couple things to keep in mind.

  *There are state bond programs available for first time home buyers or non first time home buyers in key target areas, that offer down payment assistance. (house key offers up to 10K)

*Just because a buyer says they have bad credit doesn't mean they do or that it's not easily reparable.  (I have recently had a clients score brought up 35point in 2 weeks.) Everyone's situations are different but they can't get on a path to correct there credit until they know what needs to be done.

*USDA has halted their funds for refinances but not for purchases so keep those coming.

*HUD has their $100 down program  - and YES I can do those loans

*Rates have been rising and bouncing all over the place.  It is a good idea for potential buyers to lock now while rates are still at record lows

All loan programs are subject to change at any time so make sure your buyers are speaking with a loan consultant and of course I am always glad to help

Week of: Monday, December 20, 2010

 

Present Market Conditions
Mortgage rates ended the week higher on Friday. This was due to Tuesday's Fed meeting and progress on the tax bill which was passed late in the week. Frank Nothaft, vice president and chief economist for Freddie Mac says "Market concerns over stronger economic growth that, in the near term, could lead to an increase in inflation have sparked a rise in bond yields and mortgage rates have followed."

Expectations
There are few reports to watch for this week. Wednesday we will see the existing home sales numbers come out and Thursday we will see Jobless Claims and the Consumer Sentiment report. Friday all markets will be closed due to Christmas.

Guidance
While rates ended slightly up last week they continue to be near record lows and it is still a great time for clients to take advantage of the market. 

 

HAVE A FANTASTIC DAY - ENJOY OUR SHORT WEEK AND GIVE ME A CALL.  I'D LOVE TO HAVE THE OPPORTUNITY TO HELP MAKE YOUR CLIENT A RAVIN FAN OF YOURS FOR LIFE!

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