Hey there - I wanted to keep you updated on what rates are doing - today's rates are published below - and further down the page are economic commentaries for this week - lots of stuff to stay on top of! Please review and do let me know what questions you might have that I can answer - I'm also happy to offer to do research for you as well - no question is left unturned (for instance I had a question come up this week if we can loan to Felons). Thanks again for allowing me to stay in touch with you - Sincerely, Mary Taylor Golf Savings Bank Sales Manager/Senior Loan Officer 9755 SW Barnes Rd, Suite 460 Portland, Oregon 97225 Direct: 503.701.2269 | Office: 503.291.6540 | Fax: 1-888-287-1675 metaylor@golfsavingsbank.com apply now: http://www.golfsavingsbank.com/loanofficers/marytaylor.htm

Mary Taylor Sales Manager/Sr. Loan Officer Golf Savings Bank Phone: (503) 701-2269 Fax: 1-888-287-1675 metaylor@golfsavingsbank.com

New $8,000 Tax Credit for First Time Home Buyers Great news for first time home buyers in 2009! Qualified first time home buyers are eligible for an $8,000 tax credit when buying a primary residence. If you haven't owned a home in the three years prior to closing, congratulations! You are also eligible. Remember, a tax credit is much more valuable than a tax deduction. A tax credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable. Here are two examples of how the tax credit works. You paid $4,000 in taxes. Qualify for the full credit and you get that $4,000 back, plus another $4,000. If you paid no taxes, you get the full $8,000 back in cash - and you don't have to pay it back! Eligible buyers may qualify for a tax credit of up to 10% of the purchase price or $8,000, whichever is less. To qualify for the full credit, the buyer's modified adjusted gross income must be less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. A partial credit is available for incomes under $95,000 (single) or $170,000 (married). In order to qualify, the $8,000 tax credit is available for qualifying home purchases made before Dec. 1, 2009. This is not a typo. If your closing occurs December 2nd or later, you lose. Want one more reason to act now? Qualified home buyers can apply the credit to either their 2008 or 2009 tax return. To get the credit for 2008, see your tax professional about filing an amended return. For other program requirements, give us a call. We'll run the numbers and see how much you can save.

Mortgage Interest Rates*

Rates as of Friday, 21st August, 2009:

Conforming APR Payment per $1,000 Jumbo APR Payment per $1,000 30-Yr. Fixed 5.125% 5.257% $5.44 % 0.000% $0.00 15-Yr. Fixed 4.5% 4.723% $7.65 % 0.000% $0.00 3-Yr. ARM - FHA 4.25% 4.375% $4.92 % 0.000% $0.00 30-Yr FHA 5.25% 5.383% $5.52 % 0.000% $0.00 30-Yr VA 5.25% 5.383% $5.52 % 0.000% $0.00 5-Yr. ARM - Conv 4.0% 4.124% $4.77 % 0.000% $0.00

*Rates are subject to change due to market fluctuations and borrower's eligibility.

All loans subject to credit approval and property appraisal. Programs, rates, and terms subject to change without notice. For ARM loans, rate may increase after settlement. Prequalification is not a commitment to lend, a condition of loan approval, or an application for credit. Pre-approvals will result in a loan decision subject to conditions. Consult a tax advisor regarding the deductibility of interest.-- a Division of National City Bank

You are receiving this email as a result of your ongoing business relationship with Mary Taylor. While beneficial to a wide audience, this information is also commercial in nature and it may contain advertising materials.

UNSUBSCRIBE. In the unlikely event you decide that you would not like to receive this information, please reply to this email with "Remove" in the subject line.

Mary Taylor
Golf Savings Bank

,

© Copyright 2009. All About News, Inc.

From "Think Big, Work Small"

The early trade in the equity markets is looking like another better open at 9:30. The only economic release today is at 10:00, July existing home sales are expected to have increased 2.2% to 5.00 mil units (annualized). At 10:00 Fed chief Bernanke is scheduled to speak at the Kansas City Fed annual Jackson Hole symposium. As global economies are coming out of recession (slowly) there is an increasing concern that leaders of G-* countries may begin to turn inward to focus on their economies and away from the joint efforts that helped save the global financial systems. The Jackson Hole meeting is an effort to keep everyone on the same page.

Freddie Mac Weekly Survey:

MORTGAGE RATES DOWN TO LOWEST LEVEL IN THREE MONTHS

McLean, VA - Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.12 percent for the week ending August 20, 2009, down from last week when it averaged 5.29 percent. Last year at this time, the 30-year FRM averaged 6.47 percent.

The 15-year FRM this week averaged 4.56 percent, down from last week when it averaged 4.68 percent. A year ago at this time, the 15-year FRM averaged 6.00 percent.

"U.S. Treasury bond yields fell nearly a quarter of a percentage point over the week, and other long-term yields followed suit," said Frank Nothaft, Freddie Mac vice president and chief economist. "Interest rates on 30-year and 15-year fixed-rate mortgages fell to the lowest level since the end of May, while initial rates on 5/1 hybrid ARMs declined to levels not seen since January 2005.

"Low mortgage rates are helping to reinforce the housing market. New construction on one-family homes rose for the fifth consecutive month in July to an annualized pace of almost 500,000 homes, the most since October 2008. In addition, homebuilder views of housing market conditions for the remainder of the year rose for the second month in a row in August to the most positive reading since June 2008, according to the National Association of Home Builders."

Dick Lepre, San Francisco:

Friday August 21, 2009

It looks as if the technical daily bull cycle will end today. This cycle produced a small dip in rates. Existing Home Sales were +7.2% in July as prices were down 15% y-o-y. 31% of the sales were foreclosures or otherwise "distressed" sales. Housing prices will not stop falling until inventory diminishes. July brought inventory from 8.9 to 8.6 months. There are still a lot of foreclosures to come so while things are getting relatively better it is not as if the problem is about to end soon. What is important is that the market is working.

Thursday August 20, 2009

Initial Jobless Claims were 576,000. The share of mortgages which are delinquent rose to a record 9.24% for 2ndQ2009. While subprime delinquencies and foreclosures may have peaked we are now seeing late payments induced by these job losses.

Treasuries will see record auction levels next week. That may send the daily tech bearish. That would imply that mortgage rates could go up next week.