Mortgage Rates are in FREEFALL!

Just time for a quick update - because this is news I think many of you are waiting to hear.

Mortgage rates are in freefall mode today. The stock market closed pretty flat today, very slightly in positive territory, but the bond market is being very kind to mortgages.

The yield on the 10 year bond is currently at 3.3% - down approximately 20 basis points from the close yesterday. Apparently our 10 year bond auction was very well received today.

The 30 year fixed rate mortgage has finally dropped below 5% again, for the first time in over 6 weeks. Adjustable rate mortgages are down in the mid 4% range, especially if your loan has already been approved and is ready to get docs out for signing. FHA loans are again in the low 5% range.

There is no way to know how long rates will remain this low. But, we'll take the good news anytime.

If you are one of those people who has been thinking this is a great time to buy, but you can't sell your current home, There has been one big change fairly recently that might help some of you.

Many lenders are now allowing you to offset the amount of the mortgage payment on your current house if:

1. You have 6 months reserves (PITI = principal, interest, taxes and insurance) in the bank that you can document for 60 days or more

2. You have at least a 1 year lease signed for your current house

3. You are allowed 75% of the lease payment amount to offset your current mortgage payment.

If all this is confusing, please call me. I'll be able to work if you qualify and for how much you can qualify. I know there are some of you out there looking to buy to take advantage of the low prices, but unable to sell your current homes.

Make it a great afternoon today.

Warm regards,


Shelby Bateson

Town & Country Mortgage

Portland, OR 97219

503-819-6545 phone

Lic # ML-3604

http://www.shelbytncmortgage.com


* Best rates apply to borrowers with Loan to Value at or below 90% and credit scores of 740+. ** Best FHA rates apply to credit scores of 660 and up. There are upward rate adjustments for lower credit scores on all loan programs. All rates are subject to change without notice. These rates are NOT APRs - do not include closing costs.