Monday, November 9, 2009

Alan Vanderheiden - Local Bank Rates

November 5, 2009,

FNMA 30 Year Fixed: 4.875%
FNMA 15 Year Fixed: 4.25%

USDA / FHA / VA: 5.00%

Hello Friends,

I hope that you are doing well.

Rates continue be hold at near historical levels and will do so for the next few months.

In October, 190,000 jobs were lost….higher than the 175,000 expected raising the unemployment rate to 10.2%. This number has an emotional factor….folks feel different when unemployment numbers top 10% and consumer confidence may take a hit. This is the highest level since 1983. Some economists tell us the “real” unemployment number is closer to 17% which includes workers that have not searched for work in the past 4 weeks as well as those seeking full time work that have taken part time jobs.

In addition the average work week was 33 hours last month. This symbolizes that manufacturing is trying to keep plants open by cutting hours instead of laying off workers. Productivity is still below expectations.

As most of you have seen, the $8,000 Tax Credit has passed Congress and The President will sign today or tomorrow. A new feature of this bill is that current homeowners – those that have owned a home 5 of the past 8 years – will get a $6,500 tax credit for purchasing a new home. Contracts need to be signed by April 30 and closed by June 30.

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: Web:

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