Not a great week for the stock market, however the good news is that on Friday afternoon the market reversed its downward trend and ended back up over 10,000 by the close. This could be a good sign going into Monday’s trading as buyers came back into the market at the end of the day!
The same could be said for the Real Estate market…many first time buyers are now beginning to call again, in order to take advantage of the tax credit program.
Rates continue to stay very low…conventional loans averaging 4.875 to 5.00% and FHA/VA rates averaging 5.00 to 5.125%
I say average as there are so many more components that go into an interest rate today; such as credit score, down payment and loan to value…however no matter what an individual buyer’s situation rates are still at historical lows!
Many are concerned with all of the regulatory changes and that it will take much longer to close a transaction, however you can still close a loan in 3 to 4 weeks (or less) if it is done right and disclosed properly…we just closed a VA loan last month in less than three weeks…so closing times really have not increased like many had thought and predicted.
Have a great weekend!
