Big news today
Oil topped $70/barrel today, the first time since September 2008. $70 has been a point of resistance, so all eyes are watching to see if that point of resistance will hold, or if oil prices are about to move higher. It is reported that hedge funds are investing heavily in oil futures, as the hedge fund managers, in general, expect the upward movement in prices to become a trend.
10 of the 19 largest banks have gotten the green light to pay back TARP money. The Treasury should start receiving those repayments, with interest beginning this week. The total repayments totals $68 billion! That's a start on paying us back.
Mortgage rates went on another raving upswing yesterday as bond holders continued to dump inventory in anticipation of better prices and rates with the auctions this week. Rates are slightly improved today, but not even back to where they opened yesterday morning. 3 year bonds are being auctioned today, 10 year bonds tomorrow. Let's hope they are well received, so mortgage prices will drop more. We have seen mortgage rates rise a full 100 basis points (1%) in the last 3.5 weeks!
Check out the chart below for a real time look at what's going on in the Real Estate Market in our part of the world. If you are interested in a specific city in Oregon, please let me know and I'll be happy to post data for that area. After review, it appears that Portland is pretty average for the entire Portland metro area. Some areas have higher median prices, and of course, some lower, but in general, all areas are looking at 100+ days of inventory (do the math, that's only 3-4 months-which is much improved from the 9+ months we have been seeing and hearing about.)
The trend is definitely turning positive, for now, in our part of the world
Town & Country Mortgage
10228 SW Capitol Highway
Portland, OR 97219
503-819-6545 phone
1-866-626-2828 fax
Lic # ML-3604
* Best rates apply to borrowers with Loan to Value at or below 90% and credit scores of 740+. ** Best FHA rates apply to credit scores of 660 and up. There are upward rate adjustments for lower credit scores on all loan programs. All rates are subject to change without notice. These rates are NOT APRs - do not include closing costs.
Closing Costs | Home | Improve Your Credit Score | Fixed Rate Mtg Calc | Rate Sheet | Are You Pre-Approved? | 100% Financing | My Blog
Copyright © 2010 Town & Country MortgagePortions Copyright © 2010 a la mode, inc.Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map
