Happy New Year! Weekly mortgage update from Mickey, 1.2.08

Happy New Year!

I hope you had a great holiday. I know I did! I am back and renewed with new ideas for 2008.

Here is the latest update from Mickey, Mortgage Extraordinaire, for this week:

A disappointing report on the level of US manufacturing activity sent stocks lower and bonds higher on the first trading day of the new year. This has resulted in an improvement in mortgage rates. Currently, 30 year fixed rate conforming (<$417K) mortgages can be had for 6.00% to 6.5% without points. A borrower's actual rate depends upon loan size and creditworthiness.

Mickey also notes:

New and more restrictive loan-to-value guidelines continue to flow from Fannie Mae and Freddie Mac. This means higher down payments in many instances. These new rules are going to come into play in areas marked as "declining markets" by the appraisal and on all condos.

If you have any questions, contact me at: www.audreybutlerhomes.com

Florida's existing home sales in January 2007

The Florida Association of Realtors (FAR) research for January 2007 shows that existing home sales in Florida remained slow in January. The median sales price for single family homes in January 2007 was $239,300. Last January it was $243,200 for a 2% decrease.

Sales of existing condominiums also decreased. 3,007 condos sold statewide, compared to 4,279 in January 2006. Although the prices of condos only decreased 1%, the amount sold decreased by 30%.

Real estate analysts said that as inventories become more balanced over the next several months, we are expected to see some modest price gains.