Weekly Mortgage Update

Gloomy news continues this week as the Case Schiller index came out for March and nationally home prices have declined 3.6% vs. last year. Job growth slowed as well from last month adding only 54,000 vs. the expected 180,000 jobs. Holding down the number and representing almost half of the job losses were state and local governments, no surprise there.

We have definitely hit a soft spot in the recovery and there is no way around the fact that this summer will be dishing out less than rosy economic news. How do you deal with it? If you are a buyer… take advantage. Yes, this news had driven down rates yet again! But we are NOT going to have another economic melt down and there is no need to panic. So, like Baron Rothschild once said, “The time to buy is when there’s blood in the streets.” In other words, if you want to be rich like a Rothschild, when there is gloomy news, take advantage of the opportunity.

This week Freddie Mac’s 30 yr. fixed rate came in at 4.55 %, 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
tclay@wrstarkey.com
www.TedClay.com

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