Great Mortgage Rates Make It A Good Time To Buy Your New Home

JOHN PRESCOTT

Vice President
Century 21 Commonwealth
508-523-9252
John.Prescott@commonmoves.com

Century 21 Mortgage News

“Bernie Madoff is in real trouble now. His luxury apartment is being listed by Century 21—not to be confused with Century 22, which is when he will get out.” -David Letterman

RATES:   As of 9/11/2009

Program……………..Rate………Points……….APR……….

30 year fixed………5.250%…….0.000……….5.324%

FHA 30 year fixed…5.500%…….0.000……….5.627%

30 year fixed “conforming plus” (up to $523k+ depending upon county)
……………………..5.375%……..1.000……….5.422%

30 year fixed jumbo (over $523k)
………………………6.250%…….0.000……….6.311%

All rates based upon excellent credit and 30 day rate lock. Longer lock terms available. All rates are subject to change without notice.

Century 21 Mortgage Timelines

We are currently at 30 days or less on purchase loan transactions.  we can close a purchase transaction is less than 30 days and save your deal. If you have a purchase that needs to close quickly, contact your Century 21 Mortgage Advisor to work together for a fast close.

Refinance loans are closing in 30 day timelines, however we reserve the first and last week of the month for purchase loan closings to ensure that your purchases take first priority.

Positive Signs: Home Prices Rise 1.7% in Second Quarter

Freddie Mac announced that its Conventional Mortgage Home Price Index (CMHPI) Purchase-Only Series registered a 1.7% quarterly gain (7.0% annualized) during the second quarter 2009 for the U.S., following a downward revised 1.5% drop (–5.9% annualized) in the first quarter. Over the year ending with the second quarter of 2009, U.S. home sales prices fell 6.7% in the CMHPI Purchase-Only Series – less than the 8.5% annual decline recorded between the first quarter of 2008 and the first quarter of 2009.

Banks cut borrowing from Fed; credit woes easing

Banks trimmed their borrowing over the past week from the Federal Reserve’s emergency lending facility and cut back on other programs intended to ease the financial crisis, adding to evidence that credit markets are thawing. In a weekly report issued Thursday, the Fed said banks averaged $30.4 billion in daily borrowing over the week ended Wednesday. That was down from $32.7 billion in the week ending Sept. 3. The identities of the financial institutions are not released. They pay just 0.50% in interest for the emergency loans, overnight loans.

Expiring Tax Credit Drives Up Home Sales

First-time home buyers are scurrying to qualify for a federal tax credit that expires at the end of November – a trend that has been propping up sales following the worst downturn in decades. Because the closing process can drag on, buyers realistically have just a few weeks left to sign contracts; and they are submitting multiple offers to be certain that one goes through. Although lawmakers have proposed to extend and expand the credit, prospects for such a move are dimming as legislators are urged to show fiscal restraint following mega-bailouts of the financial and automobile sectors. Some housing analysts worry that the credit sparked unneeded supply and that its expiration could drag the market back down.

Modification of troubled mortgages on slow pace

About 12% of eligible borrowers have begun trial modifications of their mortgages since the start of a $75 billion federal program to rework home loans into more affordable monthly payments, the Treasury Department reported Wednesday. Since the program’s launch in March, 360,165 borrowers had received three-month trial modifications through August. If they keep up their payments for the trial period, lenders are supposed to extend the modifications for five years.Mortga

Rate Trends for the week:
Rates trended FLAT from last week.

DID YOU KNOW that Century 21 Mortgage offers rate protection as an option on every loan? If you choose rate protection, you can lock-in at today’s rates before they rise any higher. If rates drop, you can float down one time to the lower rate at no cost. Rate protection is a great way  to make a move today without worrying that rates may drop and you will miss out.

Call Nick,  Century 21 Mortgage Advisor today for more information on Rate Protection

Nick Griffin

Mortgage Advisor

(781) 439-9201 Direct

(508) 630-1667 E-Fax

nick.griffin@mortgagefamily.com