Our Mortgage Advice for the Week of May 24th

Present Market Conditions
“Mortgage rates last week were the lowest this year. Rates on 30-year fixed loans were not this low since the week of December 20, 2009, and 15-year fixed mortgages hit an all-time record since data began in August 1991” stated Frank Nothaft, chief economist for Freddie Mac. He continued by saying “In addition, rates on 5/1 hybrid ARMs broke a second consecutive record low last week since the survey started collecting them in January 2005 and traditional 1-year ARM were the lowest since November 4, 2004.”

Expectations
This week is shaping up to be fairly busy for financial reports. It begins with Existing Home Sales on Monday, New Home Sales and Durable Goods Orders on Wednesday, Gross Domestic Product (GDP) revisions on Thursday and the Chicago PMI and Personal income due on Friday along with Consumer Sentiment and Confidence.

Guidance
With the housing market slowly rebounding and rates dropping, now is the best time to meet with The Best Oregon Home Loan team to discuss a mortgage solution to meet your financial goals.