Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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REFI APPS SOAR WHILE PURCHASE APPS SINK

HOME LOANS, TIPS FOR BUYERS, TIPS FOR SELLERS
January 18th, 2009

Inman News reported Wednesday that mortgage refinance applications increased 25.6% from the previous week while applications for purchase loans dropped 14.1%, according to the Mortgage Bankers Association. Spurred by interest rates on a 30-year fixed rate mortgage at or below 5%, borrowers with good credit (credit scores above 720) and equity in their home (at least 20%) are rushing to take advantage before they go back up.

More good news is adjustable rate loans only accounted for 1.1% of loan applications last week. The starting rates for adjustable rate loans offer little or no savings compared to fixed rate loans. 15-year fixed rate loans are hovering around 4.62%, down from 5.43% a year ago.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

This entry was posted on Sunday, January 18th, 2009 at 4:07 pm and is filed under HOME LOANS, TIPS FOR BUYERS, TIPS FOR SELLERS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  1. Eric said at January 18th, 2009 at 8:18 pm

    Yes there has been a significant increase in refinancing activity. However, at http://www.dreamhomefinancing.com we are finding that fewer people meet the criteria spelled out above (good credit and at least 20% equity due to declining values. This has left people feeling stuck when faced with a situation where their ARM is about to adjust upward.

    Regarding the ARMs, the reduction in loan applications for those products as decreased because the ARM products are often priced HIGHER vs the 30 yr fixed. Borrowers are seeing diminishing benefits to locking in on an ARM.

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