Weekly Mortgage Update

Hope everyone had a HAPPY EASTER! Kim and Terra sure did! We hope you were able to spend time with friends and family and remember what Easter is all about!

Weekly Update:  April 22, 2011

WR Starkey Mortgage is an equal housing lender.

Not a lot of news in this shortened holiday week.  We did see housing starts, building permits and existing home sales all come in above last month.  Corporate earnings at GE and Apple came in stronger than expected as well, balancing out the poor performance of Google and B of A from last week.  All of this inflationary good economic news was balanced out by the continued concerns over Europe and had the net effect of keeping rates in the same place that they were last week.

Speaking of concerns…as I’ve said before, we live in a world of media hype and bad news generates ratings.  The problem is, how many bad things does it take for you to doubt?  1-2?  How many good things does it take for you to believe?  4-5?  My point is that we are in a battle for the home buying public’s opinion.  We have to fight the hype with facts.  IF…and I say ‘IF’ home prices see a dip, it won’t be drastic.  Let’s say 5% MAX.  By the time a doubting buyer decides it’s OK to buy, rates will have gone up 1% at the very least.  Guess how much MORE the buyer will pay for the cheaper home.  6%.  That’s right.  Even though the house went down in value, the payments go up.  On a $200,000 mortgage, that would equate to $4,000 more over the next 5 years.  If you are a buyer, call Ted,  if you would like him to PROVE it to you.  Affordability folks…that is the key.

This week Freddie Mac’s 30 yr. fixed rate survey stayed at 4.875%.

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
tclay@wrstarkey.com
www.TedClay.com

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