Vanderhoff Real Estate's North Fulton Blog
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Monday, November 29, 2010
What's Ahead For Mortgage Rates This Week November 29th, 2010
In a holiday-shortened week on Wall Street, mortgage markets improved on 3 of 4 days, but still posted its fourth consecutive losing week. Unfortunately for rate shoppers and home buyers , last week's 3 days of gains were mild improvements; the one day of deterioration was among the Top 10 worst days for mortgage bonds this year. Mortgage rates are at their highest levels since mid-July. The Refi Boom is unwinding quickly. Last week underscores the importance of the global community to the future of the U.S. mortgage market. Two of the main reasons why mortgage rates increased were non-domestic. 1. Concerns for a full-blown North Korea/South Korea conflict lessened quickly 2. The likelihood of a speedy, $85 billion bailout Ireland increased The two events stemmed the typical safe-haven buying patterns that accompany geo-political and economic uncertainty, and drive down mortgage rates. This week, mortgage rates may rise again. First, Ireland's bailout package was signed Sunday morning and that relieves some pressure on the European Union. Second, this week's economic releases should show that the U.S. economy is still expanding, and that U.S. consumers are still spending - both are tied to higher rates. A sampling of the week's releases include: • Tuesday : Case-Shiller Index; Consumer Confidence surveys • Thursday : Initial and Continuing Jobless Claims; Pending Home Sales • Friday : Non-Farm Payrolls; Unemployment Rate If you haven't locked a mortgage rate and are waiting for "the bottom", remember that the mortgage market waits for no one. Rates are much higher since the start of November and look ready to rise even higher. The longer you wait, the higher that rates could go! Tomorrow we will look at housing prices...have they hit bottom?Labels: forsyth county, homes for sale, mortgage rates
Tuesday, November 23, 2010
What's Ahead For Mortgage Rates This Week November 22nd, 2010
Mortgage markets worsened last week as the U.S. dollar gave up ground in currency markets, and inflation concerns mounted. In response to the events, conforming mortgage rates rose for the third straight week. Mortgage rates have now climbed by as much as half-percent since the start of the month, and Freddie Mac reports average loan fees to be higher, too. The 7-month rally in rates may be nearing its end. The 30-year fixed rate mortgage is at a 4-month high after reaching an all-time low just 3 weeks ago. The abrupt change in rates makes for an interesting study in expectations, and how they can influence a market. Remember, inflation is bad for mortgage rates. Inflation devalues the dollar which, as a consequence, devalues repayments made to mortgage bond holders. As a result, when inflation is present, mortgage bonds tend to sell-off which causes mortgage rates to rise. This is what's been happening these past 3 weeks. However, we're not in an inflationary environment. To the contrary: 1.The Federal Reserve has said inflation is too low to be economically healthy 2.Last week, the Cost of Living posted its lowest year-over-year gain in history But mortgage rates are rising anyway. This is because global investors believe the Fed's most recent market intervention - a $600 billion bond purchase program - will later lead to inflation. Just on the expectation, markets are behaving like inflation is already here. This week is holiday-shortened, and rates should remain volatile. There's a bevy of data including the Existing and New Home Sales reports, consumer confidence data, and the FOMC Minutes from the November 3 meeting. If you haven't made a decision on what house to buy, now is the time to consider making that decision and locking in a mortgage rate as well. Rates have farther to climb than the fall. Call Mike and Melody today! Labels: alpharetta homes for sale, homes for sale in cumming, interest rates
Saturday, November 20, 2010
Great Foreclosure Deals
There are several fantastic values on foreclosed homes in Forsyth County. There are currently 217 homes in the county that are listed as foreclosures. The prices range from $18 Million (you won't believe this estate on 72 acres priced 40 million under replacement costs) to several well under $100,000. With mortgage rates at near record lows...now is the time to buy. You can go to our home page and simply click on foreclosures to see what's available. Find what you are looking for and call us today!
Wednesday, November 17, 2010
Fantastic Lake House
5485 Linger Longer Road Cumming, GA 30041-9091 $899,900 Fantastic Lake Home, Always has deep water. Gated Property with Coverd Dock, Home upgraded throughout, Screened porch overlooking lake, Observation deck off upper level, private deck with Hot Tub off Master Suite. Second level has huge Loft with media and game room. Huge Bonus room over three car garage with 1/2 bath. Bedrooms: 4 Baths: 3 Hlf Bth: 1 Yr Built: 1984 FMLS#: 4131603 Schools Elem: Chattahoochee Middle: Otwell High: Forsyth Central Bedroom: Bdrm On Main Lev, Master On Main, Sitting Room Master Bath:: Double Vanity, Garden Tub, Sep Tub/Shower, Whirlpool Tub Kitchen:: Breakfast Bar, Breakfast Room, Cabinets White, Counter Top - Stone, Island, Pantry, View To Family Rm Dining:: Dining/Great Rm Const:: Frame Parking:: 3 Car Garage, Attached, Auto Garage Door, Storage Room Rooms:: Computer, Family Room, Great Room, Library/Office, Loft, Media Room, Recreation Room, Screened Porch, Separate Living Rm Basement:: Slab/None Lot Size:: 1/3 to 1/2 Acre Contact Agent: MIKE VANDERHOFF Agent Phone: 770-888-9269 Office phone: 770-888-9269
Tuesday, November 16, 2010
This weeks mortgage rates
CURRENT RATES (PURCHASE TRANSACTIONS) Conforming Loans: Loan amounts $417,000 & under* 30-yr Fixed = 4.25% Purchase Only 15-yr Fixed = 3.50% Purchase Only NEW! Conforming 5/1: 3.125% amortized; 3.75% interest only Conforming 7/1: 3.25% amortized HOT PRODUCT Conforming 10/1: 4.00% amortized!!!** (Consult your Covenant Mortgage Professional for Refinance Quotes) Jumbo Loans:Loan amounts over $417,000* 5/1 ARM = 3.875% 7/1 ARM =4.000% NEW! 30-year Fixed JUMBO: 5.00% FHA Loans: * 30-yr Fixed Range= 4.125% - 4.50% NEW! FHA 5/1 ARM: 3.125% Qualify at Start Rate Call Me Now For More Details! *Based on pricing as of Friday, November 12th, 2010 at 12:00PM. Prices, guidelines, and programs subject to change without notice. Subject to errors and omissions. This information is not intended to constitute an advertisement for purposes of the Truth-in-Lending Act or Regulation "Z". It is intended solely for use by Real Estate professionals. Residential Mortgage Licensee: GA Licensee #22745, Florida Residential Mortgage Licensee#CL0800186, NorthCarolina Licensee #B-147025, Covenant NMLS# 144774 For More Information Call or Email our Mortgage Man Phil Blankstein Mortgage Planner Cell 678-938-7111 phil.blankstein@mycovenantmortgage.com NMLS # 251790, GA License# 26422 Brought to you by Mike and Melody Vanderhoff Labels: alpharetta homes for sale, cumming homes for sale, current mortgage rates, dawsonville homes for sale, lake lanier homes for sale
Monday, November 15, 2010
What's Ahead For Mortgage Rates This Week November 15th, 2010 ?
In a holiday-shortened trading week, mortgage markets tanked last week, casting doubt on whether the bond market's 7-month bull run will continue. Fears of inflation caused conforming mortgage rates to rise. Last week marked the first sizable mortgage rate increase over the course of 7 days since April. The biggest reason why rates rose last week was because of concerns that the Federal Reserve's latest round of stimulus will devalue the U.S. dollar. The Fed pledged an additional $600 billion to the bond markets two weeks ago and, to meet this obligation, the group will have to, quite literally, print new money. It's Supply and Demand. With more dollars in circulation, every existing dollar is worth less. It's also inflationary. As the Fed's pledge ties back to mortgage rates, remember that mortgage bondholders are paid in U.S. dollars. So, if those dollars are expected to be worth less in the future, we would expect mortgage bond demand to fall. And that's exactly what happened last week - investors rarely clamor for assets whose value drops over time. The falling demand dropped down prices, and pushed up yields. Mortgage rates spiked. This week, the trend could continue. There's a lot of inflation-signaling data on tap: * Monday : Retail Sales * Tuesday : Producer Price Index; Consumer Confidence; Housing Market Index * Wednesday : Consumer Price Index; Housing Starts * Thursday : Initial and Continuing Jobless Claims Analysts are calling for lukewarm data this week; none of the releases is expected to show strong growth. If the analysts are wrong, look for rates to rise again. Momentum is moving away from rate shoppers. If you have put off making a decision on putting an offer on a home, wait no more! If you've yet to lock in a rate, consider doing it now. Call us TODAY! Labels: best realtors in town, homes for sale in cumming, low mortgage rates
Tuesday, November 09, 2010
New Hope In Africa
New Hope In Africa is a newly formed Christian based nonprofit organization. Mike and Melody Vanderhoff formed this organization to initially work in Mozambique and will branch out to other countries in Africa when the opportunity arises. Our goals are to provide safe clean drinking water to the people of Mozambique, by drilling wells or rehabbing existing wells. Our plan is to first provide the water, then plant a church and next a school. We have a Non Government Organization (NGO) partner in Mozambique, New Hope Association. This organization was formed by Dr. Zefanias Chihulume a native of Mozambique. Zef was educated in the USA and could find no higher calling than to serve the people in need in his home country. Zef is also one of the Board of Directors of New Hope In Africa. Our web site www.newhopeinafrica.org will be up soon. Join us on Facebook under New Hope In Africa. Labels: best realtors in town, missions
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