Weekly Mortgage Update

There is an old curse my mother once taught me:  May you live in interesting times.  Honestly, I don’t think it’s a curse because I’d rather have an  interesting time than a boring one.  But markets don’t always like interesting and so we continue to see the push pull dynamic between world uncertainty and economic recovery.  Uncertainty pushes money into bonds and rates drop.  Economic recovery spurs fears of inflation and rates rise.  This week we saw rates tick up a bit again as the GDP figures for the 4th quarter came in higher than expectations at 3.1%, signaling that our economy is recovering.  The stock market had a good week as well.  But even though this caused an uptick in rates, we are still below 5% on a 30 year fixed rate mortgage according to Freddie Mac’s weekly Survey.

What worries most people is all the news regarding housing.  Existing home sales were off a bit from last month, but NEW HOME sales were substantially down.  The blogs continue to site that values will be dropping and the housing market is still weak.  To this I say:  Location, Location, Location.  In our local market I’m hearing of multiple offers with homes just going on the market.  Yes, there are markets in the country that continue to drag, but don’t let your buyers apply a Detroit statistic to our local market.  We WILL have ups and downs, but overall the Edmond/Oklahoma City market continues to improve.

State Bond Money still has over $1.9 million available with a rate of 5.50% and 3.5% Down Payment Assistance.

This week Freddie Mac’s 30 yr. fixed rate survey ranged between 4.75% and 4.875% depending on program, credit and points.

Ted Clay
Senior Loan Officer
Senior Loan Consultant

NMLSR # 217991
OK License # MLO01963
Office: 405-341-8644 x 102
Cell: 405-826-1320
Fax: 866-208-5309

WR Starkey Mortgage, LLP NMLSR # 2146
10 E. Campbell
Edmond, OK 73034

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