What a great time at the Foundation’s Realtor Auction on Thursday evening! The auction baskets were terrific and although I was not successful in any of my bids during the live auction, we were able to secure a couple of nice items in the silent auction. Great crowd, great fun, and a really great cause.
I don’t know about you, but I think the local real estate market is doing pretty well considering the overall economic situation. Most of the activity seems to be focus on the $300,000 and less cohort and the $800,000 + cohort, leaving a lot of inventory in the middle price range for the beach market, but there is a lot of activity. With rates this low, most folks think all of our business is refinancing current borrowers, but this past week we took in 6 new purchase mortgage applications – not pre-approvals, real deal applications. Even though we are heading into the holidays, there is still opportunity out there to finish 2011 strong. If I can help you at all, please let me know.
Mortgage bond prices ended last week near unchanged, which kept mortgage interest rates relatively in check. Trading was choppy with some rate improvements Tuesday, which unfortunately were erased Wednesday and Thursday. Stock strength made it difficult for mortgage bonds to gain any traction. Higher than expected producer price, housing starts, and Philadelphia Fed data also made it difficult for rates to improve. Mortgage rates held steady for the week.
The employment cost index and PCE core inflation data will be the most important releases this week. The Treasury auctions will be followed closely. If foreign demand falters it could carry over to mortgage backed securities.
Here’s the link to my rate sheet online if you want to forward it: Baxter Rate Sheet
Have a great weekend and never hesitate to contact me if you need something – hit the cell, send an email, pop a text, or contact me on Twitter or Facebook. And, if you need to get a buyer pre-approved? Just send them to my secure online application – Baxter Online Mortgage Application – Click on “Start Your Application”
And here’s an easy way to introduce me to clients when you make a referral. Send them to my About.Me Profile: Click Here
When talking with clients, hosting open houses, or just emailing information to them, it often helps to provide a free report or article on a topic that would be of interest to the potential buyer or seller. Click here for Free Reports that you can download, print and mail or fax or just email to your clients and prospects. I hope you find them helpful.
Have a great weekend.