As I predicted last week, mortgage rates have managed to ease somewhat over the past week thanks to a slumping stock market that has seen a miserable start to the third quarter. Investors are beginning to think that all of those “green shoots” of economic recovery may have been so many weeds as lackluster earnings reports, a sell off in the commodities markets, and concerns that the third quarter will fail to bring the robust growth many had hoped for are all taking their toll on stocks.
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One of my friends had a customer that is demanding for the bank to hurry up and get the short sale done, they are tired of waiting. I bet I am hearing some hearty “Amens” from all my Realtor buddies. And also as life would have it I called my short sale departments to see how my little short sales are coming along so I can report back to my apprehensive buyers. As in most things in life there is a flow to it, a cycle that all things go through to reach their peak or completion. So it is with a “short sale”. Please know that this is straight from a company that I am working with and I am NOT going to name any names. I have had a couple of easy ones but generally it has been taking from 3 to 6 months to get an approval to move to close.
Mortgage rates eased slightly this week as the bond market was reassured by comments form Chinese officials who indicated they still had a taste for US Treasury debt and that the dollar would remain their primary foreign currency reserve. Thirty year mortgage rates settled to just below 5.50% to 5.375% as the yield on the ten year Treasury fell back to 3.5% after pushing 4% two weeks ago. Fifteen year mortgage rates were even more attractive with the no point coupon at 4.75%. With inflation in check and the stock market sputtering I don’t see any significant upward pressure on rates in the short-run. There will be several economic reports over the next week that could create some daily volatility as investors attempt to determine whether the economy is turning the corner or still stuck in a rut.
The Beach Show is your ONLY internet TV show all about Real Estate on Panama City Beach.
Remember, it doesn’t cost anything to work with us if you are a buyer.
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Most of us Realtors face this at one time or another so I think we need to bring it out in the light. How in the world do we price the home correctly without sending the seller running screaming down the street right into the arms of another Realtor? I already told you last week that a fellow got really mad at me when I told him what I thought his house would sell for. One minute I was the bearer of information that he wanted and the next I was an enemy to be reckoned with and I suspect I am not the only Realtor who has had this experience lately.
Mortgage rates have eased slightly after their steep run up over the past three weeks. Thirty year mortgage rates now stand at 5.625% after peaking at 5.75%. Rates could have been pressured above 6% had it not been for the stalled rally on Wall Street that has seen stock prices fall modestly over the past couple of weeks. Investors are beginning to question whether the economy will pull out of the recession as soon as once thought.
The Beach Show is your ONLY internet TV show all about Real Estate on Panama City Beach.
Remember, it doesn’t cost anything to work with us if you are a buyer.
Click the “more” tag for show notes and pictures.
Call us at 850-527-5651 to see these properties or for anything else you need regarding real estate in Panama City Beach.
I, like many other Realtors, send out a postcard when I sell a property proclaiming my excitement in hopes that someone will give me a call. Thankfully most of the people are sweet and just want some information, mostly on the value of their own home in that neighborhood and I am tickled to give them that information. This week I made a mistake. Although I knew better, I let a man convince me to give him a value of his home with only a little information. He was determined that I tell him what his house was worth sight unseen with little knowledge of his home other than the number of rooms and the year it was built. I kindly calculated what I thought it would be worth based on the homes that I know that have been selling and provided him a range of what I thought was reasonable. Apparently, I was WRONG, he did not like the number I gave him so that brings us to this weeks tip.
Mortgage rates have eased somewhat this week as weakness in the stock market has translated into higher demand for bonds. Stocks have been hit by a renewed sense of uncertainty as investors wonder if the rally over the last several months has gotten ahead of the economic realities. A stock’s loss is a bond’s gain and the thirty-year fixed mortgage rate now stands at 5.50%. Fifteen year fixed rates are just below 5% at 4.875%. The jumbo market continues to be nearly non-existent with thirty year rates for loans over $417,000 back over 7% with no relief in sight.
