*4.375%
30 Year Fixed Rate
Normal Closing costs
*4.875%
30 Year Fixed Rate
$250 closing costs
*4.125%
10 Year ARM
Normal Closing Costs
*3.875%
15 Year Fixed Rate
Normal Closing Costs
*4.375%
15 Year Fixed Rate
0 Points
$250 closing costs
*4.50%
FHA/VA 30 Year Fixed
0 Points
*4.375%
30 Year Fixed Rate
Normal Closing costs
*4.875%
30 Year Fixed Rate
$250 closing costs
*4.125%
10 Year ARM
Normal Closing Costs
*3.875%
15 Year Fixed Rate
Normal Closing Costs
*4.375%
15 Year Fixed Rate
0 Points
$250 closing costs
*4.50%
FHA/VA 30 Year Fixed
0 Points
Weekly Economic Summary – July 23, 2010
OVERVIEW ~ July 12 through 16 ~ The optimism that pushed the Dow Jones Industrial Average (DJIA) higher through Thursday, July 15, lost whatever power it had by Friday, July 16, when it fell more than 266 points to 10097.90. As the DJIA lost ground, interest rates also edged lower. The 10-year Treasury note, which began the week at 3.24%, fell to 2.94% at the close of the week; the HSH average 30-year mortgage rate (which includes jumbo rates) held at 4.98%; and the Freddie Mac average rate edged down to 4.57%. And, indicative of slackening confidence in our nation’s economic recovery, the dollar lost ground against the euro all week.
FOCUS ~ Analysts had been suggesting the stock markets would benefit from higher corporate earnings reports, but the belief (or, at least, hope) that improving corporate earnings data would be announced last week faded by Friday.
Instead of reigniting the markets with good news about earnings and, indeed, proving that the markets had overreacted to increased worries about the economic recovery, corporate earnings and corporate revenue reports were mostly lower than expected. By the end of Friday, all thirty stocks in the DJIA had lost value.
This can be read, in part, as a decline in confidence in stocks. Not surprisingly, the indicators that suggest what is happening in the real estate market are similarly weak. The purchase money loan applications component of the Mortgage Bankers Association indices of mortgage applications fell another 3.1% to 163.3, down 36.9% from a year ago. And the July National Association of Home Builders Market Index, measuring the relative optimism (and pessimism) among builders about the new-home market, was down 12.5% from the Association’s June reading, and 17.6% from its year-ago reading.
We have seen, on a nearly weekly basis, the inclination of this market to turn around, rising when analysts were most certain that it would continue falling, and falling when it seemed certain to rise.
The week does demonstrate one thing, however. When market conditions weaken, interest rates decline still more. Home (and other) financing simply becomes more affordable, and that fact continues to support the markets in this uncertain
Rates continue to remain at record lows, however up a tick toward end of the week as the stock market rebounded. At week’s end rates averaged 4.625% to 4.75% for 30 year fixed rate mortgages!
This coming week will help give some guidance as to the direction markets will take through the summer as the three largest banks; Bank of America, JP Morgan Chase and Citigroup all announce 2
nd quarter earnings results. These results and even more so the projections they give for upcoming quarter and year will allow the financial markets to further evaluate how quickly the economy is beginning to rebound from the most recent recession.
Have a great weekend!
*4.375%
30 Year Fixed Rate
Normal Closing costs
*4.75%
30 Year Fixed Rate
$250 closing costs
*4.125%
10 Year ARM
Normal Closing Costs
*3.875%
15 Year Fixed Rate
Normal Closing Costs
*4.25%
15 Year Fixed Rate
0 Points
$250 closing costs
*4.625%
FHA/VA 30 Year Fixed
0 Points
Other loan programs available. Please call for details.
*The above interest rates are based on 80% LTV and a 30 day lock. $399 closing costs are based on loan amounts above $100,000. Loan amounts below $100,000 are subject to be slightly higher. The rates are for conforming loan amounts up to $417,000 owner occupied. The interest rates are subject to change based on market conditions and are subject to credit approval, credit scores and underwriting. Full Documentation required. . The interest rates above 80% LTV can be different based on the CLTV, credit scores, and loan programs. Please call me for more details. 1st National Bank is an equal housing lender. For Realtor/Builder use only. Loan programs and loan guidelines are subject to change without notice. Restrictions apply. The low closing cost interest rates are based on using specific title companies. If another title company is used, closing costs can be higher.
7-7-2010
TR Wise
Sales Manager
1st National Bank
7451 Mason-Montgomery Road
Mason, Ohio 45040
Office/Cell (513) 238-0999
Fax (513) 672-0479
Congress — both the U.S. House and Senate — passed the
Homebuyer Assistance and Improvement Act of 2010 (HR 5623), which extends the
Closing Deadline for Homebuyer-Tax-Credit eligible transactions to
September 30, 2010 (instead of June 30).
This extension of the Closing Deadline
applies only to transactions with ratified contracts in place as of April 30, 2010 but not yet closed.
Up to 180,000 homebuyers nationwide (including approx. 8,500 in Ohio) would have lost their tax credit had Congress not passed this extension.
What happened
The Senate approved the legislation – by
unanimous consent – last night at 9:40 pm.
The House approved the legislation on Tuesday, June 29 by a vote of
409-5.
The legislation provides a seamless transition. There is no “gap” between June 30 and the time when the bill will be signed into law by President Obama (likely to occur today).
Government Affairs staff from the National Association of REALTORS® worked vigorously with Congressional leaders on both sides of the political spectrum to get this legislation enacted. The impact of
RPAC does work!
30 YR FIXED – 4.625% – AMAZING!!!!!!!
20 YR FIXED – 4.50%
15 FIXED – 4.25%
CLOSING COSTS AS LOW AS $500 FOR PURCHASES & $250 FOR REFINANCES
FHA 30 YR FIXED – 4.50%
STANDARD CLOSING COSTS
Have a great day and rest of the week!!!
I had lunch with a Real Estate Broker today in full discussion on the lowering interest rates. During his 30 years in this industry, he has never been apart of mortgage rates at 4.5%, until today! These falling rates are incredible for buyers and sellers to take full advantage of. Our local Cincinnati Market place is still seeing a high inventory, combined with rates this low, you may never get a chance to buy so much more for so much less! See today’s rates below:
HAPPY THURSDAY!!!!
Freddie Mac said Thursday that almost all mortgage rates fell to record lows
with the 30-year fixed-rate mortgage at 4.69% with an average 0.7 point for
the week ending June 24. UNION SAVINGS BANK IS AT 4.75% w/0 PTS ON A 30 YR
TERM / 4.50% FOR 20 YRS / 4.25% FOR 15 YRS!!! In the previous period, the
average was 4.75%, and the year-ago average was 5.42%. “Mortgage rates for
all but traditional 1-year ARMs hit all-time record lows this week in our
survey while activity in housing market slowed in May following the
expiration of the homebuyer tax credit,” said Frank Nothaft, Freddie Mac
chief economist, in a statement. “Both new and existing home sales showed
unexpected declines in May. Existing sales fell 2.2%, compared to the market
consensus forecast of a 6% gain, based on figures published by the National
Association of Realtors. Sales of new homes fell 32.7% to an annualized rate
of 300,000 units, which was the largest monthly drop and slowest pace since
records began in 1963, according to the Census Bureau.”
DON’T FORGET … OUR CLOSING COSTS ARE AS LOW AS $500 (PURCHASES) & $250
(REFINANCES)
“More Than You Ever Expected from your Loan Officer!”
Kathy Lamb
KL business photo 2009 small
Union Savings Bank
Courtesy of Kathy Lamb
With rates holding this percentage, buyers moving into the market or sellers being freed up to buy must recognize NOW is the moment to move! The speculation for interest rates to move up is inevitable, and this is your opportunity to move. Seller should also be aware that low-interest rates are a great marketing piece to move their homes!
Contact Kris Cooper @ 513-519-3912 for neighborhood data along with any questions about the process of buying or selling right now.
30 YR – 4.75%
20 YR – 4.625%
15 YR – 4.25%
5/1 ARM – 4.25%
Union Savings Bank has the lowest costs in town – purchases and refinances!
Spread the word!!!
FHA – 4.75%
Kathy Lamb
Mortgage Consultant
Union Savings Bank
8534 E. Kemper Rd
Cincinnati, OH 45245
(513) 310-3301 Direct
(866) 871-1907 Fax
FHA (free appraisal):
30 Yr Fix 4.75%
15 Yr Fix 4.25%
30 Yr Fix 203k – 5.00%
VA:
30 Yr Fix 4.75%
15 Yr Fix 4.375%
Conventional:
30 Yr Fix 4.75%
15 Yr Fix 4.30%
5/1 ARM 3.625%
Available 7 days a week, call or email anytime.
Kurt D. Eberhardt
Mortgage Banker
American Mortgage Service Co.
11503 Springfield Pike
Cincinnati, OH 45246
(513) 589-3362 Office
(937) 248-8923 Cell
(888) 317-2970 E/Fax
