MortgageIndy Blog

As we end the week, interest rates are under pressure in the marketplace. 

Realtors, alert your prospects that we may be seeing the lowest level.  The rubber band always snaps back!  Still time to take advantage of this great market. 

For those interested in refinancing, rates are still low.  Although, time may be of the essence to take advantage of the best rates. 

Have a great weekend!

We are entering uncharted waters.  What a time to purchase or refinance a home.  We have great refinance rates and even better purchase money rates.  We have priced our purchase money loans even lower to spur on home sales.  If you are a first time home buyer, you also get up to a $8,000 tax credit.  Incredible! 

Call me today to lock in your rate!

As I hinted in the prior post, the mortgage market may have turned a corner last week.  Rates are falling back to pre-crisis levels this week.  Further declines may be in the cards. The 15 year fixed market, for example, is back in the 5's.  For daily or weekly rate advisories, you may subscribe to www.mortgageindy.com/dailyratelockadvisory to get the latest rate news.  This is a free service from MortgageIndy.com. 

When locking loans, make sure your lender offers a relock feature.  You want the protection of a locked loan.  You also need the assurance you may take advantage of an improving market if rates go significantly lower.   

Frank Gageby

Stonegate Mortgage Corporation 

One byproduct of the stock market implosion over recent days has been the abrupt rise in mortgage interest rates.  Normally, when the stock market drops, the treasury market and mortgage backed securities (MBS) market rallies and rates dropped.  This time....not so much.  It appears traders have taken their money out of the these markets and put it in the mattress.  Mortgage rates are up approximately 3/4% in the last week and a half.   

Today, for the first time in days, the mortgage market actually improved a little bit as the stock market declined.  Meaning, some money was actually flowing toward the credit markets.  This market action would be a more typical scenario.  Maybe, just maybe, some of the steps being taken by the government are starting to bear fruit. 

My suggestion if you are needing to lock a mortgage rate in the short term is to subscribe to our Daily or Weekly Rate Lock Advisory.  This free feature gives you a snapshot of current conditions and "best guess" for the near future.  Check it out at www.mortgageindy.com/dailyratelockadvisory.

Frank Gageby

Stonegate Mortgage Corporation

In a world where 100% financing has all but disappeared, USDA Rural Housing is a ray of sunshine in a very gloomy mortgage market.  Can you imagine a mortgage program that requires no down payment and no monthly mortgage insurance?  Not possible these days, right?  Wrong!  That is exactly what Rural Housing offers. That is of course if you meet the criteria and wish to purchase in an allowable rural area.  You also get FHA like interest rates to boot! 

What areas you ask?  Marion County is out, but many parts of Boone, Hendricks, Hamilton, Hancock, Morgan, and Johnson do apply.  There are income restrictions and home buyer education requirements as well.  So if you need financing for an out of Indy property, check out the USDA Rural Housing program. 

Frank Gageby

Stonegate Mortgage Corporation (A delegated Rural Housing Lender)