Last Updated:
March 10, 2010
Past Notices, News, and Announcements
As notices become dated, but the information contained in them could still be considered relevant to potential Buyers and/or Sellers of Summit County Colorado Real estate, these notices will be moved here.
Calander year 2009 : | May | June | July | Aug | Sept | Oct | Nov | Dec |
Calander year 2010 : | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
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Rate Review
In Freddie Mac Primary Mortgage Mkt Survey (for the week ending February 12th) in which the 30-yr fixed-rate mortgage (FRM) avg. 4.97%. Last year at this time, the 30-yr FRM avg 5.16%.
The 15-year FRM this week avg 4.34%. A year ago at this time, the 15-year FRM avg 4.81%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) avg 4.19%. A year ago, the 5-year ARM avg 5.23%.
The one-year Treasury-indexed ARM avg 4.33%. At this time last year, the 1-year ARM avg 4.94%.
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The financial markets will be closed on Monday in observance of Presidents Day, and in terms of economic reports, there won't be much action until midweek. On Wednesday, we'll get a look at the health of the housing industry with reports on Housing Starts and Building Permits for January.
It will be interesting to watch the housing reports over the next several months, as many people are acting to take advantage of currently low home loan rates that may be on the rise soon, as well as the potential of a juicy tax credit. Remember - the Homebuyers Tax Credit is only available on homes purchased with a contract date before April 30th, and the transaction must settle by June 30th.
We'll also get an update on inflation this Thursday, as the Producer Price Index will be released. This index measures price changes for wholesalers, and prefaces the more important Consumer Price Index coming on Friday, which measures changes in the price paid by consumers for goods and services. These reports are both particularly important, as the Fed will be watching very carefully for any signs of inflation. If inflation begins to rise, the Fed will have no choice but to begin to hike rates to fight off the dangers that inflation could pose to our economy.
In addition to those reports, we'll get our weekly look at employment through the Initial Jobless Claims data. Last week's report showed some encouraging signs, but there is still a long way to go before we'll see stabilization in the Unemployment Rate and some meaningful job creation. At the moment, 6.3 Million people remain unemployed for over six months - an increase of 5 million since the start of the recession in December of 2007. To reach the White House's projection of a 6% unemployment rate by 2015, the US would need to create 225,000 jobs per month, every month, for the next five years. But that kind of long term job growth has never been seen before. The year 2006, was the only year in US history that had job gains average over 225,000. But that was for just a single year - doing it for five years may be too much of a stretch.
Bond prices fell early last week due to weak results from the Treasury auctions, but were able to rally towards the end of the week. When Bond prices are moving higher, home loan rates are improving - so we will be watching out to see if the current ground can be held. If you have any questions about how home loan rates move - and if an opportunity exists that would benefit you - please don't hesitate to call or email us.