Ok this is Good News?

Mortgage rates drop to record lows -- for those who can qualify
November 25, 2009 | 12:17 pm
Two weekly reports show Christmas has arrived early for mortgage borrowers, with rates at or near record lows.

In its survey for the week ending today, home-loan buyer Freddie Mac said the average rate for a 30-year fixed rate mortgage had dropped to 4.78%, tying a record set last April. The survey assumes borrowers have good credit, a 20% down payment or 20% equity if it's a refinance, and pay 0.7% of the loan balance in upfront fees and discount points to their lender.

Rates for 15-year fixed-rate loans were the lowest ever in Freddie's survey, averaging 4.32% with 0.6% in fees and points. Details about the methodology and other types of loans are in the release on the website of the McLean, Va., company.

BankRate.com, the North Palm Beach, Fla., financial information firm, is showing average rates at an even 5%, the lowest ever for its survey of large lenders. The mortgages in the survey had an average of 0.4 origination and discount points.

Details in today's announcement include the following caveat/observation from BankRate's Holden Lewis:

"The good news is that mortgage rates are so low. The bad news is that unemployment is high and rising, causing more homeowners to fall behind on their mortgage payments. As a result, it's harder to get a mortgage because lenders are tightening their underwriting standards -- for example, requiring bigger down payments and scrutinizing borrowers' finances."

Another bad sign for housing in recent weeks has been dwindling applications for loans to purchase homes, perhaps because buyers thought an $8,000 federal tax credit program for first-time buyers would expire.

But with Congress having extended the tax credit and broadened it to include a $6,500 credit for trade-up buyers, the Mortgage Bankers Assn. said today that purchase applications rose 9.6% last week after accounting for seasonal factors. That reversed six straight weeks of purchase-loan declines in the association's weekly surveys.

The bankers association said that, overall, the seasonally adjusted volume of loan applications was down 4.5% from the previous week as efforts to refinance homes dropped off.

-- E. Scott Reckard

hey Scott, tell the truth..this is not good news..

I need your help...

Ok, ok this is the real deal…how many people are really looking to take advantage of the $8000 tax credit $10,000 new construction credit ? You know if your ready to move I can help you find that home where more memories will begin to change your life.

I have taken the time to locate several homes in the first time home buyer category if your house hold is in the 50-100k income range… start with me, because the home you buy today won't be your last, when your ready to move to a nicer home,I will be there.

I have also located homes in the second home or additional home category up to about 500- 1 million range..I can help you buy that home too….yes it’s a great time to buy with home prices down in some areas almost 40% from 2006 levels but you need someone out there looking and I'm here to help you.

I’m a Real Estate life coach, I can cheer you and be there to answer your questions anytime….

Today is the Seminar....at Satsuma Gallery

I have been promoting my mission for almost 2 years and if you didn't know it is to help people my friends and clients undrstand real estate as a home, an investment an as security..The seminar is a way for me and my fellow professionals Angelica Lassiter and Juan Argeutua to avail our expertise to you....
please come with questions about your neighborhood's real estate. And come to hear where the values are going, what the current tax advantages are.

hey atleast came for my salsa... and if you didn't know it's at a real cool art gallery...

thanks