Today's Rates 30 Yr Fixed Conforming 5.875%
15 Yr Fixed Conforming 5.500%
30 Yr Fixed FHA/VA 6.000%
5/1 Conforming ARM
6.000%
Jumbo CM Series 30 Yr Fixed 6.500%
5 Yr LIBOR ARM 5.750%
30 Yr Fixed My Community Solutions 6.375%
Quote ofthe Week You have to feel you're the best at what you do. You don't have to come out and say it. But you have to know it within yourself.
-Dan Marino
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 Licensed Real Estate Professionals. The interest rates shown are accurate as of the date of this publication, but are subject to change without notice.
Residential Mortgage Licensee FL/NC/GA #15622 |
Economic Update U.S. Economy U.S. retail sales suffered an unexpectedly steep decline last month after a record fall in car sales, government data showed, while industrial output growth was slowed by Hurricane Katrina. The Commerce Department said August retail sales fell 2.1 percent, the largest drop since November 2001. However, sales excluding autos climbed a stronger-than-expected 1 percent, showing strong demand before Katrina struck. Wall Street analysts had forecast retail sales to decline 1.2 percent following July's 1.8 percent gain. But sales were held back by a record 12 percent drop in motor vehicle and parts sales, despite continued heavy discounting by dealers. A Federal Reserve report showed August industrial output grew just 0.1 percent. It was the first big economic indicator to exhibit major fallout from the storm, which struck two days before the end of the month but whose effect was felt before it made landfall as oil and gas installations on the Gulf Coast battened down the hatches. Utilities and mining output were particularly hurt, sliding 0.5 percent and 0.6 percent respectively, and the Fed said Katrina cut overall industrial output by 0.3 percentage point. But in a sign of an otherwise healthy industrial sector, manufacturing output rose by 0.3 percent. The reports reinforced expectations the Fed would raise interest rates again at its meeting on Tuesday, lifting borrowing costs by another quarter percentage point to 3.75 percent in its 11th straight hike. Real Estate Watch Despite substantial growth of the real estate business in recent years, competition for customers among real estate brokerages in local markets across the nation is strong, according to a study of 12 residential real estate markets by researchers at Pennsylvania State University. Although patterns of competitive activity vary from market to market, competition is high in all of the markets included in the survey. In most markets, the market share held by top firms is shrinking. In seven of the 12 markets, and four of the six largest, franchised firms have a larger percentage share of the market than do the other locally-owned firms. All markets are growing, but growth is greater and competition is more intense in larger markets. No single firm dominates any of the 12 markets; there are changes in relative market share of the top firms in each of the 12 markets, market entry of new firms, and market exit of existing firms. What we find is that selling real estate is intensely competitive. Consumers have more information, they demand more services, and they have more agents and business models to choose from than ever before. Consumers are demanding more services and agents are responding by providing an ever-widening range of services, said Professor Steve Sawyer of Penn States School of Information Sciences & Technology. The study suggests that increased consumer access to real estate information online is redefining how consumers engage real estate services and may be contributing to the growth of real estate markets and a high level of competition. Potential sellers are more knowledgeable about property values, alternatives and service options. Access to multiple listing service data may be creating better consumers who demand more of their real estate agents and other value-adding service providers.
Sources Reuters, National Association of Realtors
Product Highlight5-Year Interest Only Construction-Permanent Loan One-Time Close
- One-step application
- Affordable interest rates
- Fixed interest rate for five years
- Up to 95% Loan-to-Value
- Interest Only for ten years including the construction phase
- Construction loan automatically converts to permanent financing
- Less cash at closing due to one time close
HomeBanc.com Learn aboutHomeBanc Benefits, loan productsand much more at your convenience by visiting my individual web page www.homebanc.com/abusa
Get Linked!Send your customers to my website to be pre-qualified before taking them to look at homes.You'll know up front how much they qualify for!My individual web page can be linked to your website in minutes.Just give my web page address to your web designer, who can set up the link.Then choose the button you want customers to click to get to my page.You can select from the HomeBanc logo or text like Mortgage Center, Financing Options, etc.It'sup to you!
100% Customer Service Satisfaction. Guaranteed. homebanc.com |
