Kansas City Mortgage Market Report by First Federal Bank
"A STEP IN THE RIGHT DIRECTION...BUT DON'T PUSH YOUR LUCK." Barbra Streisand obviously wasn't singing about Bond prices or interest rates in her 1980's song. But those lyrics were fitting last week when the Federal Reserve stepped in with more buying of Mortgage Backed Securities (MBS), helping Bond prices recover from news of a weak Treasury Auction. Overall, home loan rates bounced around last week and ended the week very slightly improved.
But that said, we can't "push our luck" and think the Fed will continue to step in and help support home loan rates...we have to remember that the Fed is actually winding down exactly this type of buying support.
The Federal Reserve's purchases of MBS peaked at an average of $25 Billion per week back in May - and they are getting closer every day to being done spending their allotment of $1.25 Trillion. Since they announced that their remaining purchases would be rationed out until the end of March 2010 - but that they wouldn't be making any additional purchases beyond the original commitment - the average purchases per week have been moving lower, down to $14 Billion per week so far in November.
That being said, this week rates are right around 5%, which historically is still VERY attractive. We also have a few 100% loans with no private mortgage insurance available for first time home buyers as well as move up buyers. Call us anytime if you have any questions or want to see if you qualify to take advantage of these great loan programs!
Jarod Temple
The Temple-Allen Group
Mortgage Planner/
Construction Lender
First Federal Bank
Mobile: 816.868.1285
Fax: 913.338.0247
Apply online at
www.JarodTemple.com
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