This picture is from Sunday evening after I helped my uncle host a Christmas party at his restaurant. The snow was beautiful and has lasted most of this week. It is fun to watch Oregonians get all geared up for the “lasting” snow…some four days or so.
The Feds announcement on Tuesday to “use all tools available” to help generate positive movement in our economy has had quite the impact on mortgage rates this week. Wednesday’s mortgage pricing opened in historical fashion with rates as low as 4.5% in some scenarios. The reaction was largely due to the announcement by the Feds. Unfortunately the confidence in the bond market faded as the day progressed and rates finished at 4.875%, which is still a 4 year low!
Thus far today (Thursday) has been relatively calm, meaning we haven’t seen too much of a swing in the 30 year fixed rate in either direction. At this point there is a definite push for the Treasury and the Feds to help our struggling housing market. With rates below 5%, now is the time to act. If you’re thinking of waiting until rates go lower there’s a great chance you’ll miss out on this amazing opportunity.
For information on rates for your particular situation please feel email or call – 503.585.1105.