Tag Archives: Richard Blair

Interest Rate Overview as of 16 September 2010

If you have been thinking about purchasing Tucson Real Estate, the interest rates are still looking good.  Here is what Richard Blair from Smart Financial Mortgage had to say in a recent email:

Rates were stable at historic lows again in the past week. Freddie Mac announced that for the week ending September 16, 30-year fixed rates averaged 4.37%, up slightly from 4.35% the previous week. The average for 15-year fixed fell slightly to 3.82%. Adjustables were also down slightly with the average for one-year adjustables easing to 3.40% and five-year adjustables falling slightly to 3.55%. A year ago 30-year fixed rates were at 5.04%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac, “Rates on 30-year fixed loans have remained below 5 percent for the last 19 weeks giving people ample opportunity to refi their existing loans. As a result, homeowners reduced their financial obligations relative to disposable personal income during the second quarter of 2010 to the lowest share in almost eight years, according to the Federal Reserve. Currently, four out of five applications for home loans are for refinancing existing loans, based on figures released by the Mortgage Bankers Association of America.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated September 17, 2010


Interest rates are always an important factor when considering a purchase of Tucson Real Estate.

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Interest Rate Overview as of 2 September 2010

If you have been thinking about purchasing Tucson Real Estate, the interest rates are still looking good.  Here is what Richard Blair from Smart Financial Mortgage had to say in a recent email:

Rates hit more historic lows this past week, however, the weak bond market Thursday and Friday may bring a halt to this streak in the coming week. Freddie Mac announced that for the week ending September 2, 30-year fixed rates averaged 4.32%, down from 4.36% the previous week. The average for 15-year fixed fell to 3.83%. Adjustables were also down slightly with the average for one-year adjustables easing to 3.50% and five-year adjustables easing to 3.54%. A year ago 30-year fixed rates were at 5.08%. Attributed to Amy Crews Cutts, deputy chief economist, Freddie Mac, “The 12-month price growth of core personal expenditures remained at 1.4 percent in July, which kept overall inflation expectations well at bay. Fed chairman Bernanke reiterated this in his August 27th speech in Wyoming, noting that with inflation expectations reasonably stable and the economy growing, inflation should remain near current readings for some time before rising slowly. As a result, rates eased further this week to new historic lows. House prices, appear to be firming. Home prices rose 2.3 percent between the first and second quarter of this year, reaching the highest level since the fourth quarter of 2008, according to the S&P/Case Shiller National Home Price Index. In addition, 15 metropolitan areas in the 20-City Composite Index experienced annual house price growth in June, compared to 13 in May and 11 in April.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated September 3, 2010


Interest rates are always an important factor when considering a purchase of Tucson Real Estate.

Interest Rate Overview as of 26 August 2010

If you have been thinking about purchasing Tucson Real Estate, the interest rates are still looking good.  Here is what Richard Blair from Smart Financial Mortgage had to say in a recent email:

Like a broken record (or we should say records), the weak economic data continues to contribute to the current string of record-breaking rates. The streak has been running for over two months now. Freddie Mac announced that for the week ending August 26, 30-year fixed rates averaged 4.36%, down from 4.42% the previous week. The average for 15-year fixed fell to 3.86%. Adjustables were stable with the average for one-year adjustables down slightly to 3.52% and five-year adjustables remaining at 3.56%. A year ago 30-year fixed rates were at 5.14%. Attributed to Amy Crews Cutts, deputy chief economist, Freddie Mac, “Existing home sales plunged 27 percent in July, while new homes fell 12 percent to a new all-time record low, which led to some market concerns that the housing market may slow the economic recovery. As a result, long-term bond yields fell to the lowest levels since January 2009, allowing fixed rates to ease to new record lows this week. Much of the slowdown in sales, however, was expected due to the recently expired homebuyer tax programs, which pulled through future home purchases into the first half of the year. The average existing home sales over the first seven months of 2010 were nearly 8 percent higher than over the same period a year ago. Moreover, house prices still appear to be stabilizing. Nationally, house prices rose 0.9 percent on a seasonally-adjusted basis during the second quarter of this year this year after 11 consecutive quarterly declines, according to the Federal Housing Finance Agency’s purchase only index. Eight of the nine census regions experienced positive gains, compared to none in the first quarter.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated August 27, 2010


Interest rates are always an important factor when considering a purchase of Tucson Real Estate.

Interest Rate Overview as of 19 August 2010

If you have been thinking about purchasing Tucson Real Estate, the interest rates are still looking good.  Here is what Richard Blair from Smart Financial Mortgage had to say in a recent email:

Again, the weak economic data continues to contribute to the current string of record-breaking rates. Freddie Mac announced that for the week ending August 19, 30-year fixed rates averaged 4.42%, down from 4.44% the previous week. The average for 15-year fixed fell to 3.90%. Adjustables were stable with the average for one-year adjustables at 3.53% and five-year adjustables at 3.56%. A year ago 30-year fixed rates were at 5.12%. Attributed to Amy Crews Cutts, deputy chief economist, Freddie Mac. “Investors in long-term bonds appear very confident that inflation will remain in check, and as a result long-term fixed rates have continued to fall. This week marks the ninth straight week in the survey that 30-year-fixed rates have met or set a new record low. “This week’s release of the Consumer Price Index indicates that current inflation is very low. The 12-month growth in the core consumer price index has held at only 0.9 percent for four straight months ending in July. The last time price growth was this low was the year ending January 1966. “The housing market is in a lull following the expiration of the homebuyer tax credits. Single-family starts fell for the third straight month in July to an annual pace of 432,000 homes, the fewest since May 2009.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated August 20, 2010


Interest rates are always an important factor when considering a purchase of Tucson Real Estate.

Interest Rate Overview as of 12 August 2010

If you have been thinking about purchasing Tucson Real Estate, the interest rates are still looking good.  Here is what Richard Blair from Smart Financial Mortgage had to say in a recent email:

The weak economic data continues to contribute to the current string of record-breaking rates. Freddie Mac announced that for the week ending August 12, 30-year fixed rates averaged 4.44%, down from 4.49% the previous week. The average for 15-year fixed fell to 3.92%. Adjustables were also down with the average for one-year adjustables falling to 3.53% and five-year adjustables decreasing to 3.56%. A year ago 30-year fixed rates were at 5.29%. Stated Frank Nothaft, vice president and chief economist, “Rates for fixed loans and 5-year hybrid ARMs again broke record lows this week following reports of a sluggish job market. Private payrolls increased by 71,000 jobs in July, below the market consensus forecast, and revisions shaved June’s growth by 34,000 workers. The Federal Reserve also noted in its August 10th policy statement that the pace of recovery in output and employment slowed since its last meeting in June. Low rates are helping to heal many battered local housing markets by increasing home-purchase activity. The National Association of Realtors® reported that 65 percent of the 155 metropolitan areas they track experienced yearly increases in the second quarter of this year. This compares to 60 percent of areas in the first quarter and only 44 percent in the fourth quarter of 2009.”  Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated August 13, 2010

Interest rates are always an important factor when considering a purchase of Tucson Real Estate.

The Blame Game

Who is to blame for the economy? Here is what Richard Blair from Smart Financial Mortgage had to say in a recent email:

n looking at the economy and what will snap us out of what has evolved from a recession to long-term “doldrums,” there is a lot of finger pointing going on. We are not talking about politics here because finger pointing by politicians is not news. Many have pointed to real estate as the culprit as the collapse of the real estate boom led us into recession. The shift then moved to consumer confidence. Until consumers are confident and start spending, the economy won’t recover. Lately, it has all been about employment, because at some point companies need to start hiring again. All of these are factors. This is from a recent Fortune article: “Personal spending, in fact, has kept pace with the economy, accounting for a steady 70% of GDP before the recession, during the depths of the crisis, and into today’s slow recovery. Spending by companies on everything from buildings to new equipment to software has risen steadily since 2009, but it’s still below the ratios prior to the recession.”

Indeed, the Labor Department reported that worker productivity fell 0.9% in the second quarter. That’s the first decline in eighteen months and may be a sign that employees have finally gotten to the point where they are simply stretched too thin. Working harder for less money? No wonder consumer confidence is down. From CNN/Money: “What’s happened is a lot of U.S. companies have reached the limit of how much they can slash their workforce and work existing employees to the bone,” said Nariman Behravesh, chief economist with IHS Global Insight in Lexington, Mass. “At some point, even weak spending growth will require businesses to hire more people to meet the demand.” Businesses are not hiring because they are not confident. Don’t expect consumers to be confident until businesses start hiring. Another vicious cycle and one we need to start breaking out of soon if we expect to escape the doldrums.

USDA Rural Housing Program Passed by Senate

Have you been looking for the right loan to finance your rural Tucson Real Estate?  Here is what Richard Blair from Smart Financial Mortgage had to say in a recent email:

The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate and is on its way to President Obama.  “This is going to be a great lift for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax credit,” said NAR President Vicki Cox Golder. “Many rural families would have been left out in the cold without these guaranteed loans. Increasing the commitment authority will help rural families, support local housing markets, create jobs and generate new tax revenues.”  The legislation increases the guarantee fee for borrowers, but allows the fee to be financed. “This change will make the program completely self-sufficient,” she said. The Rural Housing Service is expected to announce new guidelines shortly after the president signs the bill. Source: National Association of Realtors®

Finding the right loan for you is an important step towards the purchase of Tucson Real Estate.