Mortgage Discussion for the Panhandle area

The investment market as cooled a bit, another big mortgage company has fallen on hard times and gas prices have eased. What does this all mean? Well it is another good push for the housing market as rates have setteled down a bit. The 30 year fixed rates are back down to 6.375% from the 6.75% of weeks past. This may be the time to check on that customer who was sitting on the fence and not buying because of rates or payments. The looming question remains. "How long will it last?" If I knew that answer the Casino's in Biloxi would not be so happy to see me when I visit. We are a couple weeks away from the busy driving seasons end so gas prices should remain somewhat calm. The market is in good shape we just ran the stocks too quickly and we bounced back a little. The kicker, and it is somewhat ironic, is the mortgage industry. Who will fall and who will stand tall. That will depend on past lending practices and how each company copes with todays market. Tell your customers to make sure the mortgage company they deal with is healthy and honest. My simple test is to walk in to any mortgage company and see how many times the phone rings. That is a simple test but it works.

Look for stable rates for a little while and we will talk later.

Joe Woodall