Wednesday, June 23, 2010

Mortgage Rates Dip....Again

With mortgage rates at record low levels, the window of opportunity remains open to refinance and lock in low fixed rates, especially for homeowners with adjustable-rate mortgages bound to reset higher over the next few years. If you have any questions about how much you can save, please feel free to inquire. Consultations take just a few minutes, but the savings last for years.

Saturday, May 29, 2010

www.NilesHomeLoans.com

Shop and compare mortgage rates. See why Niles Home Loans is chosen on a daily basis over national lenders. We underwrite our own files, lend our own money and eliminate the concept that closing a mortgage takes 30 days. If you are considering a refinance or Portland Oregon Home Purchase, visit us today.

-Amanda Niles, MBA

Monday, May 24, 2010

Mortgage Rates Hit New Lows

Here's some good news for the struggling US housing market: Thanks to the European debt crisis, mortgage rates are at historic lows.

The current average rate for a 30 year fixed loan is 4.87 percent, according to Bankrate.com. That's the lowest rate for the 30 years since Bankrate started keeping track 25 years ago.

Even jumbo loan rates-loans for more than $417,000-have fallen. The 30-year fixed jumbo loan is at an average rate of 4.5 percent, down from nearly 6 percent at this time last year.

"It's the best time in our generation to buy," says Mark Zandi, chief economist at Moody's. "It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn't pick a better time to buy or re-finance."

Europe's debt crisis is behind the drop. Nervous investors are flocking to the security of US Treasurys, which pushes down their yield and influences a host of consumer interest rates-including those on mortgages.

The decline is also good news for homeowners looking to refinance, particularly those who owe more on their mortgage than their house is worth.

"There's a tremendous window on re-financing," says Greg McBride, chief economist at Bankrate.com. "That's particularly true for people who can take advantage of the government's Home Affordability Refinance Program (HARP)-which allows home owners to refinance into low mortgage interest rates even if they're property value has gone down."

HARP, which was due to end at the end of this June, now runs through June of 2011.

"Think of the benefits if you buy or refinance now," says McBride. "Locking in now at the lower rates means more more bang for the buck and more breathing room for homeowners when it comes to payments."

But the decline in rates probably won't last long, analysts say. So homeowners need to move fast.

"I think they won't last much longer than a month or two at the best," says Lawrence Yun, chief economist at the National Association of Realtors. "I can see them going up to 5.5 percent by the end of June if not sooner."

The reasons? Yun says the worries over Europe will be fading soon and investors will be looking at other assets besides US Treasurys. And there's the US deficit, which will push up Treasury yields.

Thursday, May 20, 2010

Mortgage Rates Drop!

Mortgage rates have dipped to unprecedented lows! If you have considered a refinance or purchase....NOW is a phenomenal time! The phone will not stop ringing. I suggest we see how much you can save! Wow! 503-810-4873

Monday, May 17, 2010

Economic Calendar For the Rest of the Week that Influence Mortgage Rates

Tuesday

* Housing Starts(medium impact). Since many believe that until housing picks up, our economy will continue to struggle which makes tracking home sales data of more importance today than in past times.
* Producer Price Index(medium impact) This data gives us a reading of inflation on the producer level. During periods of higher unemployment, producers find it difficult to pass along higher prices to the end consumer which makes this data of less importance than consumer inflation data.

Wednesday

* Mortgage Bankers Association’s (MBA) Application Index (low impact)
* MBA Q1 2010 Delinquency Report. (medium impact)
* Consumer Price Index(high impact) This data gives us a reading on inflation at the consumer level.
* Federal Open Market Committee releases the minutes from the last FOMC meeting (medium to high impact)

Thursday

* Jobless Claims(medium impact)
* Leading Indicators(low impact)
* Philadelphia Fed survey(medium impact) This data gives us a measure of the strength of manufacturing in the Philadelphia region.
* Announcement of the size of next week’s debt offering of 2 year, 5 year and 7 year treasury notes. The Department of Treasury is expected to offer $43billion of 2 year notes, $41billion of 5 year notes and $32billion of 7 year notes.

Friday

* No data

Friday, May 7, 2010

Bureau of Labor Data Released

Nonfarm payroll employment rose by 290,000 in April, the unemployment rate edged up to 9.9 percent, and the labor force increased sharply, the U.S. Bureau of Labor Statistics reported today.

Since December, nonfarm payroll employment has expanded by 573,000, with 483,000 jobs added in the private sector. The vast majority of job growth occurred during the last 2 months

This was the largest gain in payrolls since March 2006 (+304K)

Federal government employment was up in April, reflecting the hiring of 66,000 temporary workers for the decennial census

The average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.1 hours.

The average hourly earnings of all employees in the private nonfarm sector increased by 1 cent to $22.47 in April. Over the past 12 months, average hourly earnings have increased by 1.6 percent.

Thursday, May 6, 2010

US Stocks Tank but rise off Session Lows

Stocks are posting steep losses in mid-afternoon trading on Thursday, as concerns over the financial and civil chaos in Greece continues to weigh on the markets. The major averages are all in negative territory, extending this week’s downward move.

Yields on 10-year treasury notes dropped the most since September 2008 and the euro fell to a new 14-month low, below $1.26.