Market Status

We continue to see gradual improvement in the economic statistics around the country. Not big improvements, but it does seem to be going the right direction. Unfortunately the rates have not gone back to the 4's and it is seems more and more unlikely that they will. But the direction is anyone's guess. I recommend that if today's numbers work for you that you buy or refinance. As far as buying, one can get a house at the prices of the early 2000's at a rate in the 5's. That makes housing a bargain. As far as refinancing, every situation is different. I don't mind figuring how it would come out for you. Just give me a shout at 777-HOME (4663) or reply to this e- mail.

Market Status

April statistics show that about 455,000 first-time buyers took advantage of low prices, great interest rates and the $8,000 tax credit and closed in the first quarter of the year on their first new home. I believe that is picking up momentum. There probably won't be a better time than now to buy. Chances are prices will start to go up and with a better economy rates will also start to rise. We have already seen the beginnings of that.For people that wanted to refinance but were waiting for that magic 4% they kept reading about. The opportunity may be gone. However there are many folks who could still benefit. If you know someone like that tell them to call me at 777-4663 for some numbers to ponder and hopefully snatch up.

If you know someone in the market for a new home at the great terms available today please give them my number 777-home (4663) or e-mail george.margrave@migonline.com and we will take care of it.

Is it good news or bad news? The market takes a hit!

Last week the mortgage market took a substantial hit. That is: the rates went up more than a little. The 30 year rate is still in the low 5's which historically is very, very good. But it is more than the 4% many people were waiting for. The good news is that usually when the economy starts getting better rates do increase. There is a wild card here. The U.S. Treasury has been buying mortgage backed securities to drive the rate down. They still have more than half the money that they committed for that available. So the question is will they or can they pull them back down. By the way the short term (10 or 15 year) rates are still in the 4's so those folks that are interested in shorter terms can still find a great number for them.