The news this morning put the markets in a spin with the Dow falling around 500 points. Many surprised by the decision, but a close vote. The bond market has rallied this morning and interest rates fall after hitting a 3 year low recently continue to be near record lows. See rate update below and pricing engine. From the NY Times:
LONDON — Britain has voted to leave the European Union, a historic decision sure to reshape the nation’s place in the world, rattle the Continent and rock political establishments throughout the West.
Not long after the vote tally was completed, Prime Minister David Cameron, who led the campaign to remain in the bloc, appeared in front of 10 Downing Street on Friday morning to announce that he planned to step down by October, saying the country deserved a leader committed to carrying out the will of the people.
The margin of victory startled even proponents of a British exit. The “Leave” campaign won by 52 percent to 48 percent. More than 17.4 million people voted in the referendum on Thursday to sever ties with the European Union, and about 16.1 million to remain in the bloc.
OREGON:The median home value in Oregon is $274,400. Oregon home values have gone up 12.3% over the past year and Zillow predicts they will rise 5.1% within the next year.
Foreclosures will be a factor impacting home values in the next several years. In Oregon 5.5 homes are foreclosed (per 10,000). This is greater than the national value of 2.9
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Oregon is 0.0%, which is lower than the national value of 0.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Oregon homeowners underwater on their mortgage is 0.1%.
WASHINGTON: The median home value in Washington is $298,700. Washington home values have gone up 10.5% over the past year and Zillow predicts they will rise 5.8% within the next year.
Foreclosures will be a factor impacting home values in the next several years. In Washington 4.9 homes are foreclosed (per 10,000). This is greater than the national value of 2.9
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Washington is 0.0%, which is lower than the national value of 0.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Washington homeowners underwater on their mortgage is 0.1%.
VMG Mortgage Rate Tracker
Mortgage rates recently hit a 3 year low. It may be time for a rate check up if you have an adjustable rate or your fixed rate is above app. 4.25% or so or lower if on a shorter fixed rate term.
You can check our pricing engine also to run your scenario on different terms:
If you know of anyone buying a home now or in the near future, please share VMG with them.
To keep an eye on our market-leading mortgage rates or pass on to a friend or family member in the market to buy or refinance, visit our blog: https://vantagemortgagegroup.com/blog/
Interview with John Erickson on 103.3
I had a chance to sit down with John Erickson recently and discuss the local housing market as well as mortgage channels, brokers versus bankers, rates, etc. It was a great interview and he had great questions. Have a listen below- click on the photo!
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