Saturday, May 7, 2011

What's The Rate?

Business seems to be going well for all of you lately.  Its that 'Spring Market' we've all been waiting for.  Let's make the most of it while we can.

Here is how I will support you in your efforts:  I will be responsible for rates for the next week!  I"ll make sure they go down a touch, and then stay there.. ok, maybe I'll just promise they will stay below 5%.  (Look below...way under 5% right now.  Crazy!)

On Friday, the monthly Jobs Report was posted.  While the # of jobs created were much better than expected (added 244k new jobs), the unemployment rate actually ticked UP to 9% (from 8.8%).  How does this happen?  According to the analysts, lots of people returned to the job search.  (people quit looking during the winter months, and now have returned to the search... which makes the numbers of 'unemployed' higher.  Crazy right?)

Overall report was a good sign, yet rates didn't pop up as they normally would.  Odd, but we'll take it!

Along that same note, oil prices came down over $16 per barrel this week.  Yes!  Back down under $100/barrel.  If that holds, you could expect gas prices to fall as well.  Generally, for every $1 change in oil would change gas by 2 cents per gallon.  That would equate to gas prices falling by 32 cents.  Lets hope that trend holds or continues to fall.

Mortgage rates this week:

  • 30 Yr Conventional – 4.5%

  • 30 Yr VA – 4.375%

  • 30 yr FHA – 4.375%

  • 15 Yr Conventional – 3.75%

  • 5/1 ARM – 3.5%

  • USDA (zero down) – 4.5%

Brad  854-4457

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