My first version of this blog around mid-day said it was a quiet day. By the end of the day, the Dow had been all over the place and ended 400 points higher. Mortgage rates had also traded in a range that would normally be considered a roller coaster day. But compared to the kind of days we've had lately, this was relatively calm. Funny how we become conditioned to things. Overall, rates continued their slow but determined improvement. 30 year fixed returned to the mid 6 range and I'm hoping for continued improvement for the next few days.
One of my clients did something interesting today. He has an accepted agreement for a purchase and wanted to have his finger on the pulse of the market while we put his loan together. He actually signed up for a free, 14 day trial of Mortgage Market Guide. This is the same service I use to watch the minute by minute activity of the market to make sure we are giving our clients the best advice. It will be interesting to have him looking at the same information I am while I advise him on when to lock.
We continue to see a number of purchase agreements being written this week. People are recognizing that there is no better time to buy. Since home prices in many areas have reset to levels we saw in 2002, the DEALS ARE STEALS!! It is unreal. I review all my appraisals as they come in. Today I saw one where, from the photos alone, I would have sworn the value would be close to $500,000. In reality, the home had sold for only $335,000. This is an amazing buyers market!
If you are one of the many who is considering waiting versus buying now, let me put some numbers together for you and show you what kind of amenities, space and future appreciation you could be getting for your money right now. To say the very least, you will be pleasantly surprised!
By Ronny Loew - Ronny is the Next Home Specialist with MN Home Loan Partners. Whether you are moving up, downsizing, relocating or keeping your home as an investment and buying a new primary residence, Ronny has specific strategies to make it easy and a financial win. He can be reached at 952-808-2815 or rloew@houseloan.com
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