Mortgage Rates fell further last week from the already-lowest level in decades. Rates for a 30-year conventional loan are now hovering at between 4.5% & 4.75%, even with an increase today of .25 basis points according to Pat Goodell of Academy Mortgage. Slower economic growth last week was good for mortgage rates and negative for the stock market. This is actually an interesting point to note- When you see the stock market take a dip, check in on mortgage rates… they will almost always be improving during such periods.
The deadline for closing on those transactions taking advantage of the tax credits was finally extended to September 30th. So, that’s very good news for all those who were pushing up against the June 30th closing deadline & not quite making it. I love second-chances… they’re so American!
Woodstove Reminder – Have a wood stove? Planning to buy or sell a home with one? Note that beginning August 1st, 2010, in an effort to control emissions from smoke, when selling a home you will be required to remove the wood stove if it is “uncertified” by the DEQ. Here is a link for more information: Woodstoves in Oregon
Lake Oswego Pricing Snapshot– Today there are 74 Detached Residences for sale in Lake Oswego priced at $350,000 or under. There are 144 priced between $350,000 and $550,000. Between $550,000 and 1 million there are 206 properties. And at 1 million and over there are 105 to choose from.