Friday, March 18, 2011

What's the Rate?

A sad week since my last rate post for the folks in Japan.  All the devastation and suffering is one thing, but add the nuclear power plant problems and associated health risk on top... very sad.

These issues, primarily the nuclear problems have the markets in turmoil.  The Dow Jones average was near 12,500 just prior to last Friday's earthquake/tsunami.  But a week later, down to about 11,700 (and was worse early in the week).  Additionally, the Middle East/Northern Africa battles continue.  Turmoil equals jittery markets!

From our recent lessons on rates... they tend to follow the markets.  When the markets fall, rates fall.  This is helpful for those folks buying homes.  They get more home for less money!  Be advised that lower rates may not be here long.  The trend of an improving economy here in the US will come back soon.  The question is how soon?   (nuclear scare will have a major impact on this timeline)

Rates as of today:

  • 30 Yr Conventional – 4.625%

  • 30 Yr VA – 4.5%

  • 30 yr FHA – 4.5%

  • 15 Yr Conventional – 3.875%

  • 5/1 ARM – 3.25%

  • USDA (zero down) – 4.625%

Spring Fever has arrived here in the Triangle.  80 degrees forecasted.  Carolina Blue skies (or maybe Duke Blue Skies depending on your NCAA tournament pick.)  My wish for you:  Enjoy the weather, sell some houses, and enjoy some great basketball!

I am in town this weekend if you need any help with buyers!

Brad  854-4457

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