Interest Rates Creep Up

By
Real Estate Agent with TIM LORENZ - Elite Home Sales Team DRE# 00919781
https://activerain.com/droplet/LHV

Interest Rates Creep Up

The interest rates creep up after this weeks survey of the 30 year fixed rates by .03 percent.  I know that is not much.  None of the recent changes have been much in any direction.  In other words these are what we get ion newspaper headlines when the market is flat.

Likewise the 15 year fixed rose even less at .01 percent.  Remember this is off a survey by Freddie Mac.  Do you consider that a change when based on a surver? 

The 5 year arm rose a huge .01 percent also. 

The amount of applications for loans dropped 1.2 percent over the past week based on the Mortgage Bankers Association survey.  The big drop off was in FHA and VA loans.  Here you will see 35.5 percent change.  Now that does indicate we have come into the fall real estate market and fewer buyers are in the market.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. C. Lloyd McKenzie 10/15/2012 02:11 PM
Topic:
Mortgage / Finance
Location:
California Orange County Mission Viejo
Groups:
Realtors®
Keller Williams 'Rainers
Orange County Real Estate
Outside Blogs
Market Reports
Tags:
mortgage interest rates

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Rainmaker
1,005,518
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Tim:  I am guessing that there might be about a 30 day slowdown as we get closer to the Presidential Election.  I am not sure that it depends on who is elected, but more on just KNOWING who is elected.  Buyers do not like "uncertainty," in my opinion.

Local rates in Fort Worth for 30 yr fixed are 3.375% with 0 and 0.

Oct 14, 2012 07:52 AM #1
Rainmaker
1,022,697
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

I agree they do not like uncertainty. 

Oct 14, 2012 07:58 AM #2
Rainmaker
854,383
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Yes we are seeing very little difference.  I did see the article in the Orange County Register.

Oct 15, 2012 05:33 AM #3
Rainmaker
1,022,697
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Yes what a difference tha one week makes.

Oct 15, 2012 05:50 AM #4
Rainmaker
1,005,518
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Tim:  I received an email today that local rates are down one/eighth of a point to 3.25% plus 0 loan origination and 0 points.  So, now another slight downward movement.  It's interesting how differently some local markets respond.

Oct 15, 2012 06:41 AM #5
Rainmaker
1,022,697
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Karen

It is vibrating at the bottom I think.  No big swings at this time.

Oct 15, 2012 08:20 AM #6
Rainmaker
5,578,068
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

It is a very good time for home buyers to take advantage of the attractive mortgage interest rates.  This might be a once in a lifetime opportunity for many.

Oct 15, 2012 10:36 AM #7
Rainmaker
1,022,697
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Thanks Roy I agree

Oct 15, 2012 10:45 AM #8
Rainmaker
509,086
C. Lloyd McKenzie
Albuquerque, NM
Living Albuquerque

Good Evening Tim,

This is a great time for Buyers sitting on the fence to take advantage of these low interest rates.

Oct 15, 2012 02:00 PM #9
Rainmaker
1,022,697
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

C. Lloyd

Yes it is.

Oct 15, 2012 02:19 PM #10
Rainmaker
1,218,641
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Tim

Imagine the panic if they ever go above 4% again. We sure have been spoiled these last few, plus a couple more, years. One of my first real estate deals was a wrap of 4 loans at 21%. Gee those were the days, cheers cvc

Oct 17, 2012 04:57 AM #11
Rainmaker
1,022,697
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Curtis

You are correct.  The loans are quite low.

Oct 17, 2012 09:11 AM #12
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Rainmaker
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