Rates down, Mortgage Applications Up
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Rates down, mortgage applications up - Originally posted by The Portland Business Journal:
It's not all roses, but it's definitely an ideal time for First Time Homebuyers to take advantage of lower home prices (all those foreclosed bank-owned homes are increasing) and also the $8000 Tax Credit deadline is looming, so time to take a piece of that as well.
Interested in an opportunity to buy a home through the Homepath Program from Fannie Mae? Why Homepath, you might ask? No appraisal needed, up to 6% seller concessions (Fannie Mae's the seller, so they're likely to agree) and no mortgage insurance. Plus in larger markets like the Portland, Oregon, Vancouver, Washington areas (even Spokane, Seattle, Tacoma, Olympia in Washington - Bend, Salem, Eugene in Oregon) have a number of Homepath homes for sale.
Attend one of our weekly 30 minute webinars on how the Homepath Loan Program from Fannie Mae works by visiting http://homepath01.eventbrite.com and register today!
Have a great Wednesday everyone!
Ed Bisquera
P.S. My FREE Social Media Marketing Online Workshop is coming up next week - more details can be seen at http://SocialMediaNetworking101.com
Mortgage applications rose last week as interest rates fell.What does this mean for buyers this week? Well, although there are still a number of issues to deal with (like the HVCC and new disclosure's act) it's still a ripe opportunity to take advantage of low rates to purchase a home.
The Mortgage Bankers Association’s index of applications to purchase or refinance a home gained 5.6 percent from the previous week.
The refinance index gained 6.9 percent in the week ended Aug. 14, reversing the 7.2 percent loss in the previous week. The purchase index increased 3.9 percent, the third consecutive weekly gain, according to the MBA.
The average interest rate for 30-year, fixed-rate mortgages decreased to 5.15 percent from 5.38 percent, with points decreasing to 0.98 from 1.18.
The average rate for 15-year, fixed-rate mortgages decreased to 4.52 percent from 4.71 percent, with points decreasing to 0.93 from 1.20.
The average rate for one-year, adjustable-rate mortgages decreased to 6.66 percent from 6.71 percent, with points decreasing to 0.07 from 0.08.
There are other signs that the housing market is stabilizing. On Tuesday, the Commerce Department reported that builders broke ground on more single-family homes in July for a fifth straight month.
It's not all roses, but it's definitely an ideal time for First Time Homebuyers to take advantage of lower home prices (all those foreclosed bank-owned homes are increasing) and also the $8000 Tax Credit deadline is looming, so time to take a piece of that as well.
Interested in an opportunity to buy a home through the Homepath Program from Fannie Mae? Why Homepath, you might ask? No appraisal needed, up to 6% seller concessions (Fannie Mae's the seller, so they're likely to agree) and no mortgage insurance. Plus in larger markets like the Portland, Oregon, Vancouver, Washington areas (even Spokane, Seattle, Tacoma, Olympia in Washington - Bend, Salem, Eugene in Oregon) have a number of Homepath homes for sale.
Attend one of our weekly 30 minute webinars on how the Homepath Loan Program from Fannie Mae works by visiting http://homepath01.eventbrite.com and register today!
Have a great Wednesday everyone!
Ed Bisquera
P.S. My FREE Social Media Marketing Online Workshop is coming up next week - more details can be seen at http://SocialMediaNetworking101.com
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Labels: buying a home, Ed Bisquera, Fannie Mae, interest rate, Mortgage, mortgage rates, real estate, realtors, refinance, vancouver washington
posted by Ed Bisquera @ 9:56 AM
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