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Thoughts become things
How you think about a problem is more important than the problem itself - so always think positively
We make a living by what we get, but we make a life by what we give
A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain.
The best thing about the future is that it only comes one day at a time
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| APRIL OUTLOOK |
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The Friday, April 4, Jobs Report, may set the tone for mortgage interest rates for the rest of the month. The Labor Department reported a loss of 80,000 jobs in March - the biggest monthly job loss in five years. The unemployment rate moved higher to 5.1% from 4.8% last month. The poor Jobs Report will likely influence rate decisions at the April 29 & 30, 2008 FOMC meeting and the Rate Announcement, Wednesday, April 30th at 2:15 pm ET may result in another interest rate cut by the Federal Reserve. Positive corporate earnings reports, however, could offset a downward rate trend.
In addition, revisions to prior months suggest the labor market is even worse than previously reported, as huge downward revisions to both January and February erased an additional 67,000 jobs, over and above the 85,000 job losses that had been reported during that period. Overall, this dismal Jobs Report tells us the economy is indeed in a recession, and may even be worse than many think and the jobs picture may get worse before getting better.
Global political and economic events and reoccurring domestic economic reports measuring the health and direction of the economy will continue to influence mortgage rates. |
| CURRENT INTEREST RATE TRENDS |
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Rates trended downward during the month of March
Rates are affected by daily economic reports that occur throughout each month. Click on this link to view Monthly Economic Calendar
Our Daily Mortgage Report will give you a daily market activity update and a quick read on Market Direction, Rate Volatility Interest Rate Trends Long Term (4-6 weeks) and Short Term (1-2 weeks)
Here's how current news is affecting interest rates
CONFORMING loan $417.000 or less at par:
30 year fixed 5 1/2 %; 15 year fixed - 5 1/8%, 3/1 and 5/1 ARM's same or higher than 30 year fixed
JUMBO loans to $3,000,000 at par:
30 year fixed - 6 3/8%, 15 year fixed - 6 1/8 %
5/1 ARM 5 3/8 %; 7/1 ARM 5 5/8% |
| RATE ALERT SERVICE |
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| You can easily track mortgage rates to help you determine when you should refinance or lock in an interest rate. You may select up to three target rates that you desire. by clicking here for our RATE ALERT SERVICE . Whenever our company is able to provide you with rates that are the same or better compared to your target, we will automatically notify you via email. You may then contact us to lock in that rate! And best of all, there is no charge to you for this service! |
| REAL ESTATE NEWS |
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The 2008 Southern Arizona Real Estate market is slowly improving according to TARMLS data.
Remember that Real Estate is Local and the excellent news from HUD is that the limits for an FHA loan in Pima County have been raised from $239,850 to $316,250 on a 1 unit single family residence with a 3% down payment. This is a better increase than was anticipated and with 6,534 homes currently on the market priced under $327,000 this will open up a new level of opportunity for buyers and sellers.
Even though home sales volume and unit sales are down from February '07 the numbers are up from January '08 by
+17.60 % for Home Sales Volume and +19.52% for Home Sale Units.
The Average Sales Price for a home increased +1.01% over February '07 from $259,516 to $262,155 in February '08.
The Median sales price has decreased from February '07 from $219,500 to $199,900 for February '08. This is slightly down from January '08 which was $205,450.
Pending contracts increased to 1,317 February '08, an increase of 20.38% over the February '07 count of 1,094. Our active listings decreased 6.89% from 9,847 in '07 to 9,168 in '08.
Active listing numbers are ironically the same as January 2008 at 9,168, but differ in price range categories.
New listings in '08 increased from 2,376 in '07 to 2,432
in '08, an increase of 2.35%.
Detailed March statistics for Tucson can be viewed on TARMLS Housing Statistics. We will refresh the report when issued around the 12th of April when the March report becomes available. |
| BUYING /FINANCING INVESTMENT REAL ESTATE OR HOW TO DOUBLE YOUR MONEY IN 3 YEARS ! |
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Is there an investment alternative to 2% savings rates, declining stock market investments, nosediving 401K yields ? The acres of diamonds in your own back yard may be Tucson single family residential investment real estate!
According to Ken Harney, new research by the National Association of Realtors found that investors accounted for more than one out of five of all home purchases last year -- 21 percent.
About half of the investors said they expected to hold onto their properties for anywhere from three to 11 years. Another 18 percent said their holding period probably would run from one to three years. Fifty-seven percent told researchers that they are very or somewhat likely to buy additional investment property in the coming 24 months
Eighty percent of all investor buyers said this is "a good time to purchase real estate" compared with 59 percent of primary home buyers. maybe investors know something about spotting deals -- low prices in areas that are bound to bounce back, low mortgage rates, plus income tax benefits -- that the rest of us don't know as well?
In Tucson, there are lots of oppportunities ! Consider a local client who bought a 3 BR , 2000 sq ft home for $194,900 with 20 % down with 30 year fixed financing in the mid 6's that should rent for a modest cash flow. Appraisal $210,000 ! Sold for $285,000 in 2005 !
Heartland Mortgage and Golden West Realty can you help you take advantage of the best capital gain opportunities in 50 years ........right here in Tucson ! |
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MORTGAGE PLANNING |
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Mortgage planning takes a financial planning approach to your home asset to determine the loan scenario that fits best. We look at major life-changing events like:
Marriage
Kids
College savings
Debts
Job changes
Retirement funding
Our concern is finding the right options for you to consider-options that make sense for your specific life situation. We'll give you suggestions -along with the pro's and con's of each-so that you can choose the one that makes you most comfortable. We even look years down the road to see what loan is the least expensive over time to help you make a more educated decision. It's a process of helping find loan scenarios that best fit your specific needs.
If you're interested in this type of financial approach to your loan, please call. |
| THINGS TO THINK ABOUT |
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| TOP-NOTCH CREDIT RISK - As of 12/31/07, 65% of all outstanding mortgages were fixed-rate mortgages made to prime-rated borrowers (source: Mortgage Bankers Association, Investment News)
NOT ENOUGH - 60% of working Americans believe they could work and save until age 65 and still they would not have accumulated sufficient assets for a comfortable retirement (source: Transamerica Retirement Survey)
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Dennis Ceizyk Sr
6262 N Swan Suite 150
Tucson, AZ 85718
Office 520-349-3275 FAX 520-203-0211
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