Happy New Year!  I have to apologize for not posting for a little over a week.  The past month has been, well, hectic.  Hectic, however, in a great way.  30 year fixed mortgage rates are the lowest they’ve been in years and have stayed low for several weeks.  There has been a surge of refinance transactions in my office.  We’re thankful for the business, but we’re even more thankful that the rates have been somewhat consistently low for a few weeks.  Of course I’m thankful for the opportunity to help those who need to refinance save money on interest, but I’m more thankful that we’re starting to see those who are prepared to purchase begin to make decision on homes because they are now a little more affordable.

Now is an amazing opportunity to purchase a home.  If you are even thinking about buying a home it’s important to figure out your current financial position.  If you’re a first time home buyer preparation for home ownership is vital.  If you’re ready to move onto your second home, you need to learn the recent changes in mortgage down payment requirements.  If you’re thinking about buying a rental or investment property, you need to learn the changes in investment financing requirements.

With rates low, now is the time to begin the inquiries.  If you haven’t already been educated on your possible real estate transactions and are thinking about making a move in the near future, give me a call and prepare yourself to take advantage of our current market!

On November 26th I mentioned in my post that Treasury Secretary Henry Paulson made an announcement that the Treasury would buy additional mortgage backed securities from GSEs (Fannie Mae and Freddie Mac).  To read more about that article click on Help For Main Street. As we’ve heard several announcements about help for our economy over that last 6 months, my main focus of Help For Main Street was the lasting affect of the announcement.  With recent announcements we’ve seen pockets of opportunities, not lasting for more than a day or two.

Today, Thursday December 11th, 15 days later, we’re still seeing the benefits of the help from the Treasury.  Mortgage rates have dropped to a four year low.  We’ve seen the 30 year fixed no higher than 5.5% (5.625% APR) since the announcement.  There has been a few days in the past two weeks when rates have dropped as low as 5% (5.126% APR).

The future of the mortgage market and Treasury announcements is unpredictible, thus making it important to be prepared to make a move now or to be prepared to make a move when it is necessary for your individual situation.  The key to taking advantage of this amazing opportunity of low mortgage rates is preparation and education.  If you are thinking about purchasing a house, these lower rates may help you afford more or make the price range you were thinking about more affordable.  If you currently own a home and pay more than 6% on your mortgage, it is definitely worth inquiring about the possibility of refinancing.

To contact me today feel free to email me or call my direct line at 503.798.9183.