Fort Mill Real Estate-Mortgage Market Update May 9 2008

Rates improved a little this week. I am still concerned about inflation and many analysts think that oil prices might reach $200. Let’s hope not. The continued rise of the oil prices will negatively effect mortgage bonds. Current 30 Year Fixed rates are hovering around 5.75% but can easily range between 5.625% and 6.25% depending on credit score and loan program. ARM pricing is still weak but has improved. The 7/1 ARM rates are about .50% better than the 30 Year fixed rates. It should get to about a 1% lower than the 30 Year Fixed before the value is the worth the risk.

100% Programs

GONE. The only way to buy right now without any down payment is with some time of down payment assistance. FHA loans are back in the spotlight!
STATED INCOME

Agency Stated programs are back!!! We can offer conforming pricing on
stated income programs again… the only drawback is 75% max financing.
NO DOC loans are no longer available in NC
INVESTMENT Programs

The Senate just passed a bill giving tax credits to buyers of
foreclosed home… but the House is probably going to alter it quite a
bit. You will need at least 10% down to purchase investment property,
and existing loans can be refinanced for cash-out up to 85%. Rates
range between 6.00% to 7.00% depending on credit, loan size and fees.

What’s HOT?

Jumbo ARMS - EXAMPLE = 600K loan at 5.875% with no points!!! 5/1 and
7/1 ARM loans available.
For more details contact…

Olan writes a weekly mortgage update as a guest blogger for HomesFortMill.com. Olan serves the Charlotte NC Metro area which includes Tega Cay, Fort Mill and the Lake Wylie area. I highly recommend Olan for all of your mortgage needs. Olan is also an active Activerainer.

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