Phoenix Arizona Mortgage Rates for February 6 2009
We have also started updating Arizona mortgage rates daily.
Should You Pay A Point?
I took a look at a wholesale rate sheet yesterday (rates then got worse this morning). For a 30-yr fixed rate, 5.75% at one point back, 5.00% at par, and 4.5% for a cost of 1.5. As we mentioned last week, if you are planning on being in your house for a while, you will want to strongly consider paying a point and a half and have 4.5% for 30 years.
Are you going to get a better return for your 1.5 points by investing it in the stock market?
The $15,000 Tax Credit
Jay Thompson is doing a great job of covering the pending legislation regarding the $15,000 tax credit for people who buy a home in 2009. Will it pass? I think it will in some form. Will it “fix” the market? I don’t think there is any one thing that can “fix” the market, but I can’t see how it would hurt.
Don’t Say Mean Things To Your Boss
Now is not the time to say anything mean to your boss. The most recent unemployment data showed the deepest cuts in payrolls in 34 years, and the Unemployment Rate hit 7.6%. These numbers are worse than expected, and there were also some downward revisions to December and November’s numbers.
“January’s sharp drop in employment brings job losses to 3.6 million since the start of the recession in December 2007,” Commissioner of Labor Statistics Keith Hall said in a statement, and “about half the decline occurred in the last three months.”
Normally, an economy as bad as this would push rates lower, but instead, due to the supply and demand concerns, we find the 10-yr back up 2.95% and 30-yr mortgages either unchanged or worse by .125.
{ 2 comments }
I think the $15k tax credit is reaally going to make things pick up in our industry
@Myrtle Beach,
Thanks for stopping by!
We are trying not to get too excited until we see the final bill pass, but I don’t see how giving a $15k tax credit would hurt at all.
Justin
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