Mortgage Rates Remain Unchanged

[samantha83]

Hi,

There were no changes in the average 30-year FRM and the 5/1 ARM rates since last week, which continued at 6.27% and 6.03% respectively. The rates for the former are the lowest recorded so far in 2007.

With defaults in sub prime mortgages still continuing to escalate, certain stringent measures have been adopted to prevent the effect from spreading to better quality loans and to the broader mortgage market. Loans for which credit standards have been made more rigid include stated-income loans and no-income verification loans.

The problems in the sub prime market could have been worse had it been compounded by a weak economy. This fortunately is not the case. Though there are areas of low growth, it has been compensated by development in other sectors.

The fact that 10-year Treasury yields went up by nearly eight basis points will find an echo in the movement of fixed rate mortgages in the coming week.

Cheers
Rob Thomos

[twinsarebest]

All,

My husband and I are interested in buying a Seasonal Park Model. My question is how do I find out the value of these homes without paying to find out? Also, this is a 2006 model but has never been occupied. It already sits at the park but we would be the first owners. Do we need to have it inspected?

Please advise ASAP. We need to make a decision this week. Thanks for your help.

[admin]

The current buyers market may not last much longer. We are seeing the local surplus of overbuilt homes get smaller and smaller every week,. When the overstock is gone it is almost certain that home prices will take a jump up. Inflation is a big factor of the current economic trends. As with everything else the cost of building keeps rising, almost daily. Home prices may never be lower than they are at this very moment. If you have plans to buy dont miss this window of opportunity!With mortgage rates close to historic lows right now is the time to buy a home.  Most experts are in agreement that interest rates are getting ready to swing upward again so if your thinking about buying  apply for a mortgage  today.Thousands of private sellers across the country are competing  to sell existing homes . Many expected to make easy sales due to the recent housing boom, but are now finding that the market has changed and they are lowering prices to meet market conditions. Check out their listings  you might be very surprised at the bargain priced homes waiting for a new owner in your local area.   The nations largest manufactured housing builder and lender is  liquidating its repo stock  and offering favorable financing to move these homes out of their inventory.

[JDeborahCoss]

Simply ask the person who is showing you homes, for "comps" sold within past 12 months, in same park. Look at square footage,and compare other aspects, to determine cost per square foot. "Comps," are homes of a comparable value that have sold in the community. Upgrades, should be excluded from new home comps.
Deborah Coss