Nashville Interest Rates Drop

Nashville Interest Rates Dropping

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.35% with an average 0.6 point for the week ending July 3, 2008, down from the previous week when it averaged 6.45%. Last year at this time, the 30-year FRM averaged 6.63%.
The 15-year FRM averaged 5.92% with an average 0.6 point, also down from the prior week when it averaged 6.04%. A year ago at this time, the 15-year FRM averaged 6.30%.

Frank Nothaft, Freddie Mac vice president and chief economist. attributed the drop to the release of the latest Federal Reserve policy statement that it expects inflation to moderate later this year, as well as other factors. We are expecting these rates to continue to decline through the middle of 2009 in an effort to bring the national real estate markets back to life.

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Nashville Interest Rates Drop

Nashville Interest Rates Dropping

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.35% with an average 0.6 point for the week ending July 3, 2008, down from the previous week when it averaged 6.45%. Last year at this time, the 30-year FRM averaged 6.63%.
The 15-year FRM averaged 5.92% with an average 0.6 point, also down from the prior week when it averaged 6.04%. A year ago at this time, the 15-year FRM averaged 6.30%.

Frank Nothaft, Freddie Mac vice president and chief economist. attributed the drop to the release of the latest Federal Reserve policy statement that it expects inflation to moderate later this year, as well as other factors. We are expecting these rates to continue to decline through the middle of 2009 in an effort to bring the national real estate markets back to life.

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Bank of America Finalizes Countrywide Purchase

countrywide home loans becomes BOA

On July 1, Bank of America finalized its acquisition of Countrywide Financial Corporation. BOA is now the nation’s top originator and servicer of home loans, with a firm grasp on 20% to 25% of the U.S. mortgage market. The value of the all-stock deal has eroded to $2.5 billion from approximately $4 billion in January, reflecting a decline in Bank of America’s share price.

I still use Countrywide on my personal purchase business as they are still the cheapest money in town and do not feel there is a sound reason to make a change at this time. As always, I recommend that buyers get a minimum of 3 quotes from 3 different lenders or banks regardless of whether you are buying a home, town house, or condo in the Nashville area.

From what I understand, Countrywide not change any of their logos in this area until mid 2009 when they will be permanently branded as Bank of America.

If you enjoyed this post, you may also like:
Nationally, Many Homeowners are “Underwater”
WSJ Reports Slowing Mortgage Delinquencies
Housing Recovery Expected in Second Half of 2008
How Will Subprime Loans Affect Nashville?

Bank of America Finalizes Countrywide Purchase

countrywide home loans becomes BOA

On July 1, Bank of America finalized its acquisition of Countrywide Financial Corporation. BOA is now the nation’s top originator and servicer of home loans, with a firm grasp on 20% to 25% of the U.S. mortgage market. The value of the all-stock deal has eroded to $2.5 billion from approximately $4 billion in January, reflecting a decline in Bank of America’s share price.

I still use Countrywide on my personal purchase business as they are still the cheapest money in town and do not feel there is a sound reason to make a change at this time. As always, I recommend that buyers get a minimum of 3 quotes from 3 different lenders or banks regardless of whether you are buying a home, town house, or condo in the Nashville area.

From what I understand, Countrywide not change any of their logos in this area until mid 2009 when they will be permanently branded as Bank of America.

If you enjoyed this post, you may also like:
Nationally, Many Homeowners are “Underwater”
WSJ Reports Slowing Mortgage Delinquencies
Housing Recovery Expected in Second Half of 2008
How Will Subprime Loans Affect Nashville?

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