Lenders Perspective - Installment #1

Reno/Sparks Real Estate - Buying Real Estate in Reno/Sparks, Nevada

I am pleased to announce the launch of a new series of articles featuring information on current Lending requirements, changes in Lending industry as well as some tips and suggestions for Buyer's that are thinking of getting into the real estate market for either primary or investment purposes. I think you'll find the information in this series helpful and valuable. I've asked Denise Lindsay, Vice President at Wholesale Mortgage to be be the primary contributor. Lender's Perspective - Installment #1

Q. Denise, for our first article would you summarize what you are seeing in the market right now? What do you see, in general terms, going on in regards to mortgage industry in the Reno/Sparks region?

A. Rates at their lowest point since mid–1950’s. Mortgages are cheaper today than they’ve been in a half-century...if only most people had the job security, credit score and cash to qualify! The average rate for a 30-year fixed loan fell to 4.69 percent this week (beating the low set in December and down from 4.75 last week). Rates are at their lowest since the mortgage company began keeping records in 1971.

Almost no one expects falling rates to energize the economy though. Sales of new homes collapsed in May after an enticing tax credit expired. Rates have fallen over the past two months as investors have become nervous about Europe’s debt crisis and the global economy and have shifted money into safe Treasury bonds. The demand has caused Treasury yields to fall. Americans normally rush to refinance when rates plummet, but refinancing activity now amounts to less then half the level of early 2009 (when long-term rates hovered around 5 percent). Right now Investors are cornering the market. I will have more for you on the programs to watch for in our next installment!

Contact Denise Lindsay at Wholesale Mortgage at 775-825-1600 or DeniseWholesale@yahoo.com