Atlanta Mortgage Rates May 23, 2008
May 23, 2008
Mortgage Interest Rates*
| Conforming | |
| 30-Year Fixed | 5.625% |
| 15-Year Fixed | 5.375% |
| FHA 30- Year Fixed | 5.750% |
| Jumbo 30- Year Fixed | 7.125% |
| 5/1 Interest Only ARM | 5.125% |
*Rates are subject to change due to market fluctuations and borrower’s eligibility.
Inflation has a negative impact to bonds, and rates can climb. I recommend my clients lock at loan application.
Enjoy the long weekend! Jim
Atlanta Real Estate Mortgage Rate Update
May 9, 2008
Mortgage rates ended higher last week on stronger-than-expected jobs data, strong consumer spending, and an appetite for riskier investments.
But, investors were most excited about the Federal Reserve’s hint that its rate-cutting cycle may be over.
Mortgage Interest Rates*
| Conforming | APR |
Payment per $1000 |
Jumbo | APR |
Payment per $1000 |
|
| 30-Year Fixed | 5.63% | 5.76% | $5.76 | 7.25% | 7.35% | $6.82 |
| 15-Year Fixed | 5.25% | 5.48% | $8.04 | 7.00% | 7.16% | $8.99 |
| 5-Year Fixed ARM | 4.88% | 5.01% | $5.29 | 6.88% | 6.97% | $6.57 |
| 5-Year Interest Only | 5.13% | 5.26% | $4.27 | 7.00% | 7.10% | $5.83 |
*Rates are subject to change due to market fluctuations and borrower’s eligibility.
Call my cell phone (404-992-6547) if I can assist over the weekend.
Enjoy the weather! Jim
The Signal of a Housing Recovery?
May 7, 2008
Projected over the next handful of months, the housing market may be positioning for a strong national recovery, according to Dan Green's Mortgage Reports Blog.
Dan's post examines the Federal Reserve quarterly survey of 84 U.S. banks demand for loan product and general banking conditions. 
It's like "street reporting"; a pulse of what's really happening behind retail bank walls. Almost always, it paints a different picture of lending from what's being reported on the news.
When mortgage demand spikes like this, we have to at least consider that consumers may be submitting mortgage applications to multiple banks at the same time but the more likely answer is that we're moving into a favorable real estate market.
Jump to the full post: For Truth in Housing You Have to Know Where to Look
Seller’s Short Sale Yields Selling Agent’s Shortness of Patience
April 5, 2008
My young real estate client was buying his first condo. He knew what he wanted, and what he needed in his first home purchase: a garage, 2-bedrooms, 2-baths, located within 15 minutes of work in popular East Cobb (Marietta zip codes 30062, 30068). And, priced under $110,000.
I didn't think it possible.
We reviewed the mls listing data, designed a client website for organization, and emailed listing alerts. Right away, we found a condo for sale that met his "got to have" list.
A short two days later we were walking in the door of that condo. Great layout. Great close-in Atlanta location for an easy commute. We looked at several other houses on the market that were comparable in price, features, and location. At the end of the day, my buyer knew he wanted his parents to see the property.
While waiting on the parents arrival to see the condo, I researched the property tax records and the mls archives. Uh, oh… looks like a short sale. A quick phone call to the Seller/Listing Agent confirmed our offer would be contingent on lender approval, and another offer was on the table.
This could mean trouble! The condition of the property was not ideal; short sales take a long time for approval; and parents can be deal killers. After a few hours of reviewing the condo, and discussing the obvious needs for repair; my buyer client was ready to make an offer to purchase.
The next morning we sent the purchase offer to the Seller. Within the hour, the Seller accepted our offer and submitted it to the Countrywide Loss Mitigation department for approval.
Then, we waited.
And, waited some more. Made more calls. Waited some more. Called. Then, more waiting. Seller fussed, cajoled, insisted, explained… and, waited. I called.
Fussed. Cajoled. Insisted. Explained. And, waited. Very frustrating. Short on patience.
Yesterday, almost 2 months after sending in the offer from my loan approved buyer client, we closed.
Today, I read this Countrywide Loss Mitigation solution which gives me a direct phone number and an email address. Maybe next time we won't be waiting as long.
photo credit: greefus groinks
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