Rates & Housing Market!!! Update
I hope all is well. In reference to any questions about market conditions and rates, now is an awesome time to buy. As you know, house prices are the lowest they've been in recent years. The sellers are willing in some cases to offer financing concessions. And rates are the lowest they've been, barring 2005, in 30 years. See below for examples.
Conventional 30 yr fixed are hovering around 5.5%
FHA/VA 30 yr fixed around 5.625%
Obviously, we do all types of loans. There are still some "Stated" and "No Doc" programs out there contrary to what the media is reporting.
The Fed is rumored to be cutting the Fed Rate by .5%. I think we have already seen adjustments to our rate simply based on this forecast. Generally speaking, the Fed Fund Rate has nothing to do with bond prices which is the market most interest rates work from. However, Home Equity Lines of Credit (HELOCS) are directly tied to the Fed Rate.
I hope this helps shed some light on things. As always, thanks for your business!
Mike Hogue, SR. Loan Officer Jake Lee, Realtor
843.685.2465 843.240.0431