Morgage News

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 Mortgage News - AN AWESOME COMBINATIONS

Source:   M&I Bank, Sedona, AZ / Donna Wiseman
9/22/2009

Rates for home loans remain low - but it won't last forever.

The Fed continues on their purchasing plan of Mortgage Backed Securities, and the added demand has kept Bond prices high and home loan rates low. Last week, they purchased another $32.4B, bringing the total to $849B out of the $1.25T they committed to. While these Fed purchases have helped home loan rates stay near present low levels, remember that their buying program is set to be over near the end of the year. There is talk that the program will be extended - but there has also been talk that it will end early - so nothing is a guarantee, except for the fact that when the Fed purchasing program is over, home loan rates will assuredly rise.  

In fact, many homebuyers are doing just that already. The Mortgage Bankers Association reported that home loan applications surged in the latest week to their highest level since late May, as more buyers are seeing the great opportunity that exists right now.

Let me know if I can answer any questions for you, or perhaps a friend, family member, neighbor or coworker that might be thinking about a home purchase and would like mortgage information or call John Limotte 928-300-0849 to schedule viewing Sedona Homes listed in the Sedona MLS.

The combination of reduced home prices, motivated sellers, low home loan rates, and the potential of a juicy tax credit is too great an opportunity to miss.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result.

Because of this volatility, it's important to work with a knowledgeable advisor who monitors the markets' moves. Don't hesitate to call me with any questions. I'm here to make sure your client has the best program at the best rate AND to insure the loan closes quickly and effortlessly. . . Have a great week!

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