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
-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.
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
* 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.
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.
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.
Some Good News on the Housing Front
New single-family home sales also rallied in March, jumping a near record 27% from February’s sales pace of 324,000 to a seasonally adjusted 411,000, up 24% on a year-over-year basis. The South showed the biggest gain — 43.5% — and the Northeast was the second most robust region of the country for sales, coming in at 35.7%, although rebounding from an unusual low in February.
While the approaching expiration date for the home buyer tax credit accounted for much of the bounce back, unseasonably harsh winter weather in February added some pent-up demand to the housing market in March.
In order to qualify for the home buyer tax credit, buyers had to sign sales contracts by April 30 and they are also required to meet a closing deadline of June 30. Since new home sales are reported when a contract is signed, April new home sales should be robust. Existing home sales are recorded at closing, so they should see a lift from the tax credit through June.
To the extent that some prospective home buyers have moved their purchases forward to qualify for the credit, new home sales after April and existing home sales after July are likely to experience some leveling off. At that point, the reviving economy, low mortgage rates, affordable house prices and new job growth will take over as the forces driving home buying activity.
In the meantime, adverse credit conditions will continue to serve as a speed bump in the housing recovery as buyers grapple with tighter credit standards and builders attempt to overcome major impediments to obtaining and renewing acquisition, development and construction (AD&C) loans.
Builders also continue to face intense price pressure and competition from foreclosure and short sales. Appraisers are using distressed sales in their valuations of newly built properties without properly adjusting for the run-down conditions of many previously owned homes that have been languishing on the market. Pressure from banking regulators can further encourage “low ball” appraisals. For builders, unfortunately, poor appraisals often can result in lost sales.
While the approaching expiration date for the home buyer tax credit accounted for much of the bounce back, unseasonably harsh winter weather in February added some pent-up demand to the housing market in March.
In order to qualify for the home buyer tax credit, buyers had to sign sales contracts by April 30 and they are also required to meet a closing deadline of June 30. Since new home sales are reported when a contract is signed, April new home sales should be robust. Existing home sales are recorded at closing, so they should see a lift from the tax credit through June.
To the extent that some prospective home buyers have moved their purchases forward to qualify for the credit, new home sales after April and existing home sales after July are likely to experience some leveling off. At that point, the reviving economy, low mortgage rates, affordable house prices and new job growth will take over as the forces driving home buying activity.
In the meantime, adverse credit conditions will continue to serve as a speed bump in the housing recovery as buyers grapple with tighter credit standards and builders attempt to overcome major impediments to obtaining and renewing acquisition, development and construction (AD&C) loans.
Builders also continue to face intense price pressure and competition from foreclosure and short sales. Appraisers are using distressed sales in their valuations of newly built properties without properly adjusting for the run-down conditions of many previously owned homes that have been languishing on the market. Pressure from banking regulators can further encourage “low ball” appraisals. For builders, unfortunately, poor appraisals often can result in lost sales.
Wednesday, May 5, 2010
Mortgage Rates Improving
Over the past week mortgage rates have slowly improved thanks to investors allocating their investments into risk-free Treasuries. This "flight to safety" has been driven by concerns that Greece and other members of the European Union may end up defaulting on their government debt obligations (also called sovereign default risk). This rush to less risky assets has pushed mortgage-backed security prices up, which allows Niles Home Loans to offer lower mortgage rates. If you are in the market for a new home, or if you want to lower your monthly payment, i strongly recommend a payment analysis for your particular circumstances. A consultation takes about 5 minutes and there is no cost to you.
Your Portland Oregon and Seattle Washington Mortgage Specialist
Our team is committed to providing our clients with the highest quality financial services combined with the Lowest Mortgage Rates available in Oregon, Washington, & California. I will work with you one on one to ensure that you get the best mortgage solution that is tailored specifically to meet your financing needs.
Whether you are purchasing your dream home, refinancing an outstanding loan, or consolidating debt, my highly experienced team will help you find the right loan program at the lowest rate no matter what your needs are.
Our ultimate goal is to create lasting relationships with each of our clients so that we may continue providing excellent service for many years to come.
Unlike many of the larger nationwide mortgage companies that are out there, all your information will be kept secure and private. www.NilesHomeLoans.com and Summit Mortgage are trusted names throughout the community and we look forward to showing you why.
To speak directly with an experienced mortgage professional simply give me a call anytime or feel free to utilize any of the interactive tools offered on our site. I look forward to working with you and exceeding your expectations.
Whether you are purchasing your dream home, refinancing an outstanding loan, or consolidating debt, my highly experienced team will help you find the right loan program at the lowest rate no matter what your needs are.
Our ultimate goal is to create lasting relationships with each of our clients so that we may continue providing excellent service for many years to come.
Unlike many of the larger nationwide mortgage companies that are out there, all your information will be kept secure and private. www.NilesHomeLoans.com and Summit Mortgage are trusted names throughout the community and we look forward to showing you why.
To speak directly with an experienced mortgage professional simply give me a call anytime or feel free to utilize any of the interactive tools offered on our site. I look forward to working with you and exceeding your expectations.
Portland Oregon - A Great Place to Call Home
With record low Oregon Mortgage Rates, the time refinance or to buy is NOW!
Oregon is a diverse state and Portland is an excellent place to call home. Big city excitement and small town charm make Portland, known as "The City of Roses," a top destination to live. Portland, situated approximately 65 miles from the Pacific Ocean where the Columbia River and Willamette River merge, offers a magnificent setting, rarely found in metropolitan settings. Beautiful mountain views, eight downtown bridges, and lovely parks, makes The City of Roses a popular destination for Portland Relocation. Portland's historic old town and Pearl District offers many art galleries, fine dining, Saturday Market, and Waterfront Park. Portland is just a short distance from the spectacular Columbia Gorge and Multnomah Falls, world famous wineries, skiing at Mt. Hood and the majestic Oregon coast.
Oregon is a diverse state and Portland is an excellent place to call home. Big city excitement and small town charm make Portland, known as "The City of Roses," a top destination to live. Portland, situated approximately 65 miles from the Pacific Ocean where the Columbia River and Willamette River merge, offers a magnificent setting, rarely found in metropolitan settings. Beautiful mountain views, eight downtown bridges, and lovely parks, makes The City of Roses a popular destination for Portland Relocation. Portland's historic old town and Pearl District offers many art galleries, fine dining, Saturday Market, and Waterfront Park. Portland is just a short distance from the spectacular Columbia Gorge and Multnomah Falls, world famous wineries, skiing at Mt. Hood and the majestic Oregon coast.
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