Weekly Mortgage Update

Dark skies are overhead this week with technical signals that the stock market will trend lower, unemployment will continue at high levels, and Euro-concerns will not go away. Consumer confidence numbers came out lower as well reflecting concerns in the population at large. No, we are NOT falling off a cliff. Yes, our economy will continue this bumpy ride along the bottom, but it is still not a bad time to buy a home for many reasons.

Businesses in the US are already operating at skeleton levels, which is sufficient for current consumption. The odds of any mass layoffs like we saw in 2009 are remote because 90% of the population is still working and people continue to consume. And with EVERY problem comes opportunity. The opportunity here is RATES. Buying power will never be greater.

State Bond Money still out there with a rate of 5.25% and 3.5% Down Payment Assistance!

This week 30 yr fixed rates ranged between 4.5% and 4.75% depending on program, credit and points. Hope you all had a great 4th of July weekend!

Ted Clay
Sr. Loan Officer
NMLSR # 217991
OK License # MLO01963

Office: 405-341-8644
Cell: 405-826-1320
e-Fax: 1-866-208-5309



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