From the desk of Alan Vanderheiden
Senior Mortgage Advisor
Regions Mortgage
1409 Sadler Road
Fernandina Beach, FL 32034
904-277-3232 (office) 904-335-0500 (cell) 904-277-2261 (fax)
alan.van@regions.com
September 28, 2010
FNMA 30 Year Fixed: 4.125%
FNMA 15 Year Fixed: 3.625%
USDA / FHA / VA: 4.25%
Hello Friends,
I usually don’t sell on mortgage rates. However, pricing is so attractive today I wanted to touch base with you all.
I heard that Washington declared the recession was over a couple of weeks ago. I don’t know about you but it sure doesn’t feel over. There is still a ways to go before I feel better about our industry and economy.
Several reasons rates continue to be low. In fact these rates I’ve published today are as low as I’ve ever seen. While the government continues to print money to stimulate the economy, inflation continues to stay on the horizon. We are still in a recession….just ask the 6 million people out of work. I believe pricing will remain low until we put folks back to work and they begin spending money. Then we’ll work our way out of the recession and inflation will come roaring in. Rates will move up quickly.
The housing market is about 30% of the economy. Stimulus money did a good job of giving our industry a boost in the spring but now this money is gone we are back to a declining housing market. Whatever Washington does in the future to give us another shot of money can only be a temporary solution. The real improvement in housing will come as people go back to work, are not fearful of losing jobs and have money to spend. Your guess is as good as mine how long this will take.
I am seeing more contracts for second homes and investment properties. Buyers that have money are seeing an opportunity to find real values in housing. The condo market seems to be improving and yes…..we have a program for non-warrantable condos.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, FloridaCell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
1 comment:
Be sure to shop lenders as well. While there is not much competition right now for rates since the government has put some rules in place to keep rates low, you may find a slight variance from lender to lender. Be sure to ask about the APR, not just the interest rate, as this will incorporate all of the fees you are paying for the loan in order to give you a more accurate picture of the loan’s cost.
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