There are several circumstances that will make this Fall a particularly successful time for well informed Miami home buyers.
Rates for home loans remain low – but it won’t last forever. The Fed continues on their purchasing plan of Mortgage Backed Securities, and the added demand has kept Bond prices high and home loan rates low. Last week, they purchased another $32.4B, bringing the total to $849B out of the $1.25T they committed to. While these Fed purchases have helped home loan rates stay near present low levels, remember that their buying program is set to be over near the end of the year. There is talk that the program will be extended – but there has also been talk that it will end early – so nothing is a guarantee, except for the fact that when the Fed purchasing program is over, home loan rates will assuredly rise.
In addition, given the current expiration date of November 30, 2009 for the $8,000 First Time Homebuyer credit, it’s important for Miami home buyers to get prepared, and take action. In fact, many home buyers are doing just that already. The Mortgage Bankers Association reported that home loan applications surged in the latest week to their highest level since late May, as more buyers are seeing the great opportunity that exists right now. Let me know if I can answer any questions, the combination of reduced home prices, motivated sellers, low home loan rates, and the potential of a juicy tax credit is too great an opportunity to miss.
The Stock market is doing well – and as you can see in the chart below, the S&P 500 Index closed at its highest level of 2009 last Thursday. The S&P 500 is a basket of 500 Stocks that are considered to be widely held, and is considered by most market experts as one of the best benchmarks available to judge overall US Stock market performance.
Rates are trending the same as last week….Get pre qualified…Call Rick and Ines…Look, buy, lock and close by Nov 30th for you 1st time home buyers…defined as having not been listed as a owner on title in the last 3 yrs.
FHA …..5.375
Conventional….5.375
Jumbo…5% 5/1 ARM…. 6.375 for 30 yr fixed
Brian Scott
thanks for this blog, today especially everyone needs to stay informed on mortgage rates, and what is helpful and what will hurt you.
for every one person out there trying to help you it seems like there are 3 more trying to harm you in the mortgage business.
seems like you are one of the few good ones.