Mortgage Rates January 14, 2009

by steverussell on January 14, 2009 · 3 comments

The Retail Sales report for December came out today with much worse than expected numbers.

Because of this, the Dow is off over 200 points at the time of this posting, and mortgage bonds remain flat on the news. Normally, news like this would send a rush of buyers into the bond market, but that has not been the case so far today, further challenging conventional wisdom in forecasting. Stay tuned as tomorrow will be another big day in the news with the release of the Core Producer Price Index (PPI), Initial Jobless Claims for the first week of January and the Philadelphia FED Index (the outcome of which will have a high level impact on the markets). If you would like to get pre-approved for a purchase or refinance, please call 850-221-8334 anytime. Rates as of 10:10 AM 1/13/2009

30 Yr Fixed Mtg	4.625%
15 Yr Fixed Mtg	4.375%
30 Yr FHA	4.500%
30 Yr VA	4.750%
Reverse Mortgage	Call For Rates

Steve Russell Mortgage Banker Primary Residential Mortgage 850-221-8334 Cell 850-497-6325 Office Steve@steverussellonline.com www.SteveRussellOnline.com * All rates assume the purchase of a single family primary residence with at least 20% down payment, 740 credit scores, and verifiable income and assets. Rates vary based on borrower profile and property type. Rates are subject to change without notice. All rates also assume a 1% origination fee. Loans with no origination fee and no points may be available.

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January 15, 2009 -- Mortgage Rates January 15, 2009 (4)
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Tagged as: bond market, fha, initial jobless claims, mortgage banker, mortgage bonds, philadelphia fed, ppi, primary residential mortgage, producer price index, retail sales, reverse mortgage, steve russell

{ 3 comments… read them below or add one }

1 Chandler Real Estate January 15, 2009 at 7:13 am: As simple as it sounds, calling out the specific interest rates that people can get is the most effective way to entice them.

I recently made calls to folks in my database to tell them to refinance. Of course, in my local market in the Phoenix area, there are many where this is now not an option.

Talking with lenders, they got busy in a hurry. On the Realtor side, we hope this will drive buyer interest.

Talk of Down Payment Assistance coming back would be beneficial to our market here as well.

David Lorti

Chandler Real Estate’s last blog post..Remodeling Your Home? Recoup!
2 Steve Russell January 15, 2009 at 8:17 am: Hey David, thanks for stopping by.

Quoting rates can be a double edged sword. It is useful information for those trying to make a decision. But, most people are unaware that rates change frequently (in fact, multiple times daily). This can sometimes lead to an awkward conversation when a borrower has waited too long to start the process only to find out that the market shifted. Another issue is the tiered rates based on property type and credit score.

I don’t know how to instill a sense of urgency more clearly than to say that rates are at the lowest point in 40 years. Waiting for an extra 1/4 point lower is risking losing double that if the market shifts in the other direction.
3 Cal January 15, 2009 at 10:03 am: “Waiting for an extra 1/4 point lower is risking losing double that if the market shifts in the other direction.”

Good point Steve!