Hammond LA real estate listings and homes for sale, home buying, home selling information – Joseph Mier & Associates

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Rate Lock Advisory March 20, 2009

March 22nd, 2009 9:20 AM

Rate Lock Advisory - Friday Mar. 20th

Friday's bond market has opened in negative territory this morning with no relevant economic news to drive the markets. The stock markets are relatively flat with the Dow up a few points and the Nasdaq down the same. The bond market is currently down 6/32, which will likely push this morning's mortgage rates higher by approximately .125 - .250 of a discount point over yesterday's morning rates.

As expected, we saw some pressure in bonds late yesterday and this morning. This by no means is a point of concern for me. The selling or balancing of portfolios is common after such a drastic move in such a short period of time. I am still quite optimistic that mortgage rates still have more room to improve in the near future.

There are no relevant economic reports being released today. Fed Chairman Bernanke is giving a speech at noon today to a bankers' conference in Phoenix, Arizona. It is not considered to be an important speech that will likely affect the markets or mortgage rates. Whenever he speaks publicly there is always a possibility of the markets reacting, but the likelihood of seeing any reaction that will change mortgage rates is minimal in my opinion.

Next week is fairly busy with economic releases, but none are considered to be of extreme importance. There are reports scheduled for several days of the week, including Monday's posting of February's Existing Home Sales data. Look for more details on next week's events in Sunday evening's weekly preview.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

Posted by Joseph A. Mier, SRA on March 22nd, 2009 9:20 AMPost a Comment (0)

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The Housing Market in Louisiana is Strong!

March 21st, 2009 12:00 PM

Discover what the national media
headlines won't tell you:

The housing market in
Louisiana is strong!

If you're thinking about building or buying a home in Louisiana, now is a great time to do it. The investment you make today can help you build long-term wealth.

You can benefit from knowing the facts about the housing market and tax incentives for homebuyers, so please take a few moments to review the educational and resource information contained in this website. This information is provided as a public service by the Louisiana Home Builders Association.

Economists forecast that Louisiana will show growth and stability, while most other states show losses during this national recession period.

According to the Louisiana Economic Outlook, the United States will experience a "relatively shallow national recession lasting about one year," and during that time Louisiana will have near level job growth in 2009 and a gain of 28,400 jobs in 2010.

(Report submitted in October 2008 by LSU Economist Loren Scott, James A. Richardson, M. Dek Terrell of the LSU E.J. Ourso College of Business)

Louisiana's Real Estate Market
Posts 6% Growth

According to the report, Louisiana has avoided problems in the housing crisis because the state's banking industry did not get into the subprime loans that helped stall bank-to-bank lending. Also, housing prices have not been artificially elevated in the state, thereby creating a housing bubble that burst in states like California, Florida and Nevada.

Investing in real estate is historically one of the safest financial investments.

Even in down markets, over the long term, house prices still appreciate more than the stock market. On average, the value of a home nearly doubles every 10 years. In fact, over the past three decades, home values have increased an average of more than 6% per year.*

(* Figures obtained from the National Association of Realtors)

Interest rates are low, selections are great, and tax credits are available.

Because of the cool down in the national real estate market, interest rates have been lowered to encourage activity. Louisiana's banks and lenders have available cash to loan to homebuyers with good credit. At the same time, qualified first-time buyers can receive a tax credit of up to $8,000 for a limited time.

Now IS a good time to build or buy a new home in Louisiana!

Posted by Joseph A. Mier, SRA on March 21st, 2009 12:00 PMPost a Comment (0)

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