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January 13, 2012

Mortgage rates hit another historic low! Yesterday FHLMC reported in their weekly survey that for the previous week rates on 30 year conforming mortgages were at 3.89% with 0.7 costs. Another record set. It’s almost like watching the Olympics! Records are being bettered every week.

At Land Home we are offering similar rates for a 30 year fixed in the high 3s, as well. It is unbelievable how low the rates really are. 3.875% for a 30 year fixed rate and you could be saving over $125 per month on a $250,000 loan amount. That 3.875 rate is with zero cost today…better jump on it if you have a 4.75% rate or higher. Did I mention no costs?

Home values are beginning to stabilize. We haven’t seen any real big swings in value. They seem to be moving up despite the low employment and economy.

More information reported today by Foreclosure Radar about the foreclosure markets. It’s amazing to think about foreclosures referred as a separate market but there is so much volume that it truly is. FR reports that the number of foreclosure starts has declined by 30.6%. That is a nice change for the market that seems to keep getting flooded with owners just throwing in the towel and walking away. Maybe owners are feeling as if their values will not continue to be eroded as the years go on.

The amount of time to foreclose has decreased, as well. That stands to reason…if fewer owners are walking away then shorter back log in processing a foreclosure. Maybe the shadow inventory idea is overblown.

With fewer foreclosures and record low rates this housing market truly does seem to be stabilizing. If you are or have been thinking about buying or refinancing, it appears that the present time is a good one. Don’t wait until thing start to go up.

Call today for a pre-approval or refinance to improve your budget: 925 640 0960