Welcome to HouseHangout! Specializing in Relocation, Move Up
and First Time Home Buyers Rental Homes in Scottsdale, North Phoenix, Fountain Hills,
Paradise Valley, Carefree, and Cave Creek FHA Loan Limits Go Down
While Down Payments Go Up in 2009!!!! Phoenix/Scottsdale Mortgage Rate Update... July 3, 2009 Greetings and Happy 4th of July Weekend! Just a couple of quick tidbits: - Please be sure that you are reading my disclaimer under the weekly rates that I post… You’ll notice that it partially states there is an origination fee charged, the loan amount is >$200K, single-family residence, 30-day lock, etc. So if I give a rate quote that is higher than what you see on my report, or on some other mortgage website, please be sure to read the disclaimer again
- With pending home sales up, interest rates still at historic lows, housing inventory in Maricopa County hovering around 32,000 active listings and the nice little article below, you may want to keep the champagne on ice… I’ve been experiencing several bidding wars with my borrowers and their realtors… This is due in part to the lack of homes available under the $250K range in desirable areas and many steering away from short-sale properties, which are very difficult to close on (regardless of what you hear from your hair-stylist, the media or your neighbor)... Foreclosed properties (bank owned) bring a challenge of their own…. Those with cash have come swooping in from the sidelines to win the bid over the anxious & disappointed 1st time homebuyer obtaining FHA financing… Private sellers (no short-sale or bank-owned… Ah the good old days…) are few and far between unless you are shopping in the luxury/jumbo market and have 30% for down payment and even those are minimal
- Potential home buyers will need to be more ready than ever to pounce on the house of their dreams right now… Many are finding that it is quite an art to create this sense of urgency without pushing a buyer over the edge when making an offer… There is also the challenge of wading through the mine field of current home values to make “the offer of all offers”… “What the heck is this house worth anyway?” HVCC is a joke… Then we have the seller-credit: Do I ask for it? How much do I ask for? Lender guidelines? FHA overlays? What the ???
- The next six months will test the abilities and patience of many involved in the Phoenix housing market… Those left standing will reap huge rewards, because they treated their profession like a business and maintained integrity and character along the way… While many more will be forced out the industry because it was easier not to change…
- Thank you so much for your business and referrals… Please see current rates below ~ Rob
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Pending Home Sales Rise Again
An article from Realtor Magazine Online, reports that pending home sales displayed a sustained upward trend, rising for four consecutive months, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1% to 90.7. This is 6.7% higher than in May 2008. There hasn’t been four consecutive months of gain since October 2004. "Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” said Lawrence Yun, NAR chief economist.
Full Story: http://www.realtor.org/RMODaily.nsf/pages/News2009070101 |
Mortgage Interest Rates*
| Rates as of Thursday, July 2, 2009: | | Conforming | APR | Payment per
$1,000 | Jumbo | APR | Payment per
$1,000 | 30 YEAR FIXED | 5.125% | 5.257% | $5.44 | 5.750% | 5.878% | $5.84 | 3O YEAR FIXED, I/O | 5.875% | 6.013% | $4.90 | N/A% | 0.000% | $0.00 | 15 YEAR FIXED | 4.625% | 4.849% | $7.71 | 5.625% | 5.840% | $8.24 | 5/1 TREASURY ARM | 4.000% | 4.124% | $4.77 | 4.250% | 4.367% | $4.92 | 7/1 TREASURY ARM | 4.625% | 4.753% | $5.14 | 4.750% | 4.871% | $5.22 | 5/1 TREASURY ARM, I/O | 4.125% | 4.250% | $3.44 | 4.375% | 4.493% | $3.65 | 30 YEAR FHA / VA | 5.250% | 5.383% | $5.52 | N/A% | 0.000% | $0.00 |
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| *Rates are subject to change due to market fluctuations and borrower's eligibility. | RATES ARE BASED ON PURCHASE MONEY & CURRENT INVESTOR GUIDELINES. 1% DISCOUNT POINT + 1% ORIGINATION FEE MAY APPLY, RATES BASED ON LOAN AMOUNTS >$200K, MIN FICO 750, 30-DAY LOCK,SINGLE FAMILY RESIDENCE, SUFFICIENTLY DOCUMENTED INCOME & ASSETS REQUIRED. PREPAYMENT PENALTY MAY APPLY. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED - RECIPIENT TO VERIFY ALL INFORMATION. ROB KANYUR AT NOVA HOME LOANS. BKBR 0902429 | 
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