Good morning all.
I hope you're doing well this morning and are enjoying the cooler temperatures of fall. Here in Raleigh, it's nice to have the ac off and the windows open.
I'm watching the news like you are and am hearing very little optimism being expressed, especially regarding the lending and housing industries.
However, some interesting facts have surfaced. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.48 percent in August from 6.43 percent in July; the rate was 6.57 percent in August 2007. However, last week the 30-year fixed had dropped to 5.78 percent. That's good news for buyers.
Unlike most other areas of the country in the South, existing-home sales increased 0.5 percent to an annual pace of 1.86 million in August, but are 15.1 percent below a year ago. The median price in the South was $176,500, which is 3.4 percent lower than August 2007.
Real estate industry consultant and former eNeighborhoods executive Greg Robertson, said he expects a post-election market stabilization.
In closing just remember that rates are down and inventory is up. Good signs for buying a home. If you have any questions I can help you with, please don't hesitate to ask.
Below is courtesy of one of our top lenders, Michelle Zelvis. Rates could be even better by tomorrow's report. Mortgage Interest Rates* |
Rates as of Friday, 19th September, 2008: |
| Conforming | APR | Payment per
$1,000 | Jumbo | APR | Payment per
$1,000 | 30 yr conventional | 5.625% | 5.761% | $5.76 | % | 0.000% | $0.00 | FHA 30 yr fixed | 5.5% | 5.635% | $5.68 | % | 0.000% | $0.00 | VA 30 yr fixed | 5.5% | 5.635% | $5.68 | % | 0.000% | $0.00 | USDA | 5.5% | 5.635% | $5.68 | % | 0.000% | $0.00 |
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*Rates are subject to change due to market fluctuations and borrower's eligibility. |
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John Barker
The Barker Realty Gorup, LLC
919-522-9905