Market Update

Happy New Year!

Well, it looks like more bad news about the economy continues to keep the market nervous. Retail sales for December were down enough for retailers to announce store closures and layoffs.

On the flip side, the move towards security is helping push rates down below the 5% mark. I am seeing the 30 year conforming purchase money rate hit 4.5% with 1 point for 20% down 760 Fico score buyers! That's 2% lower than just 3 months ago. The 2% difference gives your client an additional $60,000 in purchase money for the same monthly mortgage payment they started with 3 months ago.

A client can buy more home today with cheaper money and more inventory on the market compared to 3 months ago! A client would save around $500 a month for the same $400,000 purchase money compared to 3 months ago! Sorry for sounding redundant. I just want to drive the message that this is a great environment for a buyer. What a great way to start the new year. Refinance rates are not as low, but they are low enough to drive keep lenders busy. Purchases still take priority for me and I am still closing my deals in 30 days. Call me or email me if you have any questions, I'm happy to help. CHECK BACK OR CALL AS THESE RATES MOVE DAILY

Craig