For the fourth consecutive week, mortgage rates have fallen to all-time lows. The 30 year mortgage rates averaged 5.01 percent this week, which is a drop from last week's 5.1 percent. Last year at this time, rates averaged 5.87 percent.
Interest rates for 30-year fixed-rate mortgages fell for the 10th week...due in part to the Federal Reserves recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae, according to Freddie Mack Chief Economist Frank Nothaft.
Other rates also dropped for the week:
15 year fixed rates: dropped to 4.62 percent from 4.83 percent last week. Last year at this time 15 year mortgage rates averaged 5.43 percent.
5 year hybrid adjustable-rate mortgages averaged 5.49 percent,f a drop from 5.57 percent last week.
The only slight increase in rates this week was in 1-year ARMs which were 4.95 percent, up from 4.85 percent last week. Overall, 1 year ARMs were still down for the year from last year's 5.37 percent.
Source: The Wall Street Journal, Amy Hoak
Tips for generating Buyer Interest:
1. Can the clutter. Pack up knickknacks, pictures, piles of paper and furniture that makes the place look crowded.
2. Let the light in. Take down any heavy drapes.
3. Scrub-a-dub-dub. Shampoo soiled carpets. Scrub the front door. Repaint scuffed walls. Tidy up the lawn and trim the shrubs.
4. Get moving on the "honey do" list. Fix everything that is in need of repair.
5. Enhance the view. erect a fence or plant shrubbery to improve or obscure the view of unattractive nearby properties or streets.
6. Try weeknights. Holding an open house on a Wednesday may attract a different crowd.
7. Ask for criticism. Consult with buyers' agents for their feedback.
8.Send the owners away. Ask them to vacate when potential buyers come around so they can talk freely.
9. Rent to own. Give a potential buyer a little credit. Becoming a landlord may keep you from having to shoulder two mortgages.
10. Drop the asking price. Figure out the lowest amount you're willing or able to accept.
Source: MSN Money, Laura T Coffey
WOW! Check out this great buy! www.thekellygroup.net/mls8007668 17545 NE Hillsboro Hwy, Newberg, Oregon. 25.47 acres. Built in 2004. This home is 2388 sq. ft. and has amazing valley views. All for $549,000. Call me at 503-502-6408 for an appointment.
The Newberg Public Library is joining Oregonians throughout the state in celebration of the 150th anniversary of statehood. The Library will be hosting a Sesquicentennial Birthday Party on February 14, 2009 and all are welcome to join in wishing our state many happy returns. For more information check the library's web site at www.newberglibrary.orgor watch for info at the library and in The Newberg Graphic.
Newberg Cultural Center: A $200,000 grant from the Meyer Memorial Trust has completed funding of $2.6 million for the next phase of renovation of the Chehalem Cultural Center. This grant is added to grants received from the Collins Foundation and the Ford Family Foundation; together with generous gifts from local sources. Construction on this next phase is scheduled to begin in February 2009, with a planned opening in November 2009. Improvements will consist of the central art gallery/event space, four art classrooms, lobby area, office and meeting space on the first floor. The infrastructure for the entire building, mechanical and electrical systems are also included in this phase. Visit the Chehalem Center Association web site for more information. www.chehalemculturealcenter.org.