Weekly Mortgage Update

Well, I told you so….Yes, fears over Greece calmed down and rates ticked up.  But don’t you worry.  There was more bad news out of Europe this week as the International Monetary Fund is asking for more money, implying that they don’t have enough money to stop a meltdown in Greece, Italy, Spain and Portugal if those WERE to happen.  So rates drifted back down a bit and we remain in the trading range that we’ve been in all month.

There was good news on the housing front.  Residential real estate markets tightened up in January, which is good, as EXISTING home sales showed improvement with the fastest sales rate since May 2010.  NEW home sales, though down in January, were revised upward in December, giving us a stronger?than?expected annual rate of 321,000 units in January. The budding strength in home sales is consistent with the stronger job creation that began in late 2011 and looks like it is carrying over into early 2012. 

So, low rates, sales starting to pick up…sounds like it’s time for ALL buyers to get on the 2012 home buying train.  You SURE don’t want to be left behind when it picks up steam.  ALL ABOARD!!

Oklahoma Housing Finance Agency came out with the 2012 A Bond Program this week and the rate is 4.375% with 3.5% Down Payment Assistance.  On this program the bond authority is charging an additional $150.00 funding fee.

This week Freddie Mac’s 30 year fixed rate survey ticked up to 3.95% depending on program, credit and points. 

Starkey Mortgage is an equal housing lender.

                          The views expressed are those of the author and do not represent Starkey Mortgage.