The Federal Housing Finance Agency published the following summary of the loan situation as of July 2011.
"The average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000
or less decreased 13 basis points to 4.79 percent in June. These rates are calculated from
the FHFA’s Monthly Interest Rate Survey of purchase-money mortgages (see technical
note). These results reflect loans closed during the June 24-30 period. Typically, the
interest rate is determined 30 to 45 days before the loan is closed. Thus, the reported rates
depict market conditions prevailing in mid- to late-May.
The contract rate on the composite of all mortgage loans (fixed- and adjustable-rate) was
4.61 percent in June, down 14 basis points from 4.75 percent in May. The effective interest
rate, which reflects the amortization of initial fees and charges, was 4.74 percent in June,
down 13 basis points from 4.87 percent in May."
For investors and home buyers this reduction reflects the market softness for housing. All of which should allow us to continue to see ample supplies of houses upon which to do assignments of contract and other creative investing strategies. Keep on working and enjoying the fertile investing market.
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
The Federal Housing Finance Agency published the following summary of the loan situation as of July 2011.
"The average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000
or less decreased 13 basis points to 4.79 percent in June. These rates are calculated from
the FHFA’s Monthly Interest Rate Survey of purchase-money mortgages (see technical
note). These results reflect loans closed during the June 24-30 period. Typically, the
interest rate is determined 30 to 45 days before the loan is closed. Thus, the reported rates
depict market conditions prevailing in mid- to late-May.
The contract rate on the composite of all mortgage loans (fixed- and adjustable-rate) was
4.61 percent in June, down 14 basis points from 4.75 percent in May. The effective interest
rate, which reflects the amortization of initial fees and charges, was 4.74 percent in June,
down 13 basis points from 4.87 percent in May."
For investors and home buyers this reduction reflects the market softness for housing. All of which should allow us to continue to see ample supplies of houses upon which to do assignments of contract and other creative investing strategies. Keep on working and enjoying the fertile investing market.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125