Dean Davidson ABR/CSP

Representative Mortgage Rates 10-23-09

30 Year Fixed Conv. 4.875% 5.02% APR

15 Year Fixed Conv. 4.250% 4.48% APR

5/1 Conv. ARM 3.625% 3.87% APR

7/1 Conv. ARM 4.125% 4.35% APR

10/1 Conv. ARM 4.500% 4.74% APR

30 Year Fixed FHA 5.000% 5.17% APR

5/1 FHA ARM 4.000% 4.18% APR

30 Year Fixed USDA 5.000% 5.21% APR

5/1 Jumbo ARM 4.625% 4.92% APR

The above rates are from a sampling of rates available as of the post date. It does not imply the actual rate you may obtain from any specific lender on any given day.

Market Conditions Improving....

The North Carolina Association of Realtors has reported in the May/June issue of "For The Record" that foreclosures fell 42% in North Carolina in the 1st Quarter, while filings rose 24% nationally, as compared to the same period last year, 2008.

Nationally, the United States median home price rose 4.2%, considerably higher than the normal seasonally adjusted increases of 1.8%. Over 55,000,000 US households can now afford to purchase median priced homes of approximately $200,000. And of course, due to the first-time homebuyer tax credit, that segment accounted for 53% of all home transactions in March.

In Addition.......

According to Forbes Magazine, six cities in North Carolina - Raleigh, Durham, Asheville, Wilmington, Winston-Salem and Charlotte, are among the top 20 "Best Metros" in the country for careers and business climate.

Chief Executive Magazine calls North Carolina the 2nd best state in the US to conduct business.

Maybe, just maybe, we are seeing the bottom of our recession in North Carolina.

The North Carolina Association of Realtors has reported in the May/June issue of "For The Record" that foreclosures fell 42% in North Carolina in the 1st Quarter, while filings rose 24% nationally, as compared to the same period last year, 2008.

Nationally, the United States median home price rose 4.2%, considerably higher than the normal seasonally adjusted increases of 1.8%. Over 55,000,000 US households can now afford to purchase median priced homes of approximately $200,000. And of course, due to the first-time homebuyer tax credit, that segment accounted for 53% of all home transactions in March.

In Addition.......

According to Forbes Magazine, six cities in North Carolina - Raleigh, Durham, Asheville, Wilmington, Winston-Salem and Charlotte, are among the top 20 "Best Metros" in the country for careers and business climate.

Chief Executive Magazine calls North Carolina the 2nd best state in the US to conduct business.

Maybe, just maybe, we are seeing the bottom of our recession in North Carolina.

TARP funds must be finally in play now- check out our LOW Jumbo and Super Jumbo 30 yr fixed rates!

Here's a sample of Primary Home Purchase money rates today, up to 0+1, with escrows for a borrower with median credit of 720-760. These are subject to vary based on loan amount, occupancy, LTV, credit quality and other factors.

Conforming (using 250K as amt)

30 yr fixed 4.75%

15 yr fixed 4.375%

5/1 ARM, 30 yr am 4.125%

Jumbo (using 650K as amt)

30 yr fixed 5.875%

15 yr fixed 5.25%

5/1 ARM, 30yr am 4.875%

Super Jumbo (using 1M amt)

30 yr fixed 5.875%

15 yr fixed 5.25%

5/1 ARM, 30 yr am 4.75%

Compliments of Asleigh Sumlin, Bradford Mortgage Company, Charlotte 704-307-9908

January 31, 2009

Friends in Real Estate,

Mortgage rates continue to stay low due to the government purchase of mortgage backed bonds.

Expect slow underwriting due to the huge numbers of refinances. Plan on 45-60 day closings and be happily surprised if your lender can close sooner. If your contract is on a short sale, closing 4-6 months is not uncommon because banks are swamped with short sale requests.

Appraisals are getting even closer scrutiny. This week I had one with 5 excellent comps, all within the 6-12 month sale requirement. The underwriter requested a 6^th comp sold within the last 3 months. Underwriters are paying very close attention to the CURRENT market, not so much to what happened 6-12 months ago.

Here's a sample of Primary Home Purchase money rates today, up to 0+1, with escrows for a borrower with median credit of 720-760. These are subject to vary based on loan amount, occupancy, LTV, credit quality and other factors.

Conforming (using 250K as amt)

30 yr fixed 5.00%

15 yr fixed 4.75%

5/1 ARM, 30 yr am 4.625%

Jumbo (using 650K as amt)

30 yr fixed 6.875%

15 yr fixed 5.25%

5/1 ARM, 30yr am 4.75%

Super Jumbo (using 1M amt)

30 yr fixed 7.125%

15 yr fixed 5.25%

5/1 ARM, 30 yr am 4.875%

Compliments of Ashleigh Sumlin, Bradford Mortgage Company 704-373-2289