Oct
30
2008
Portland Real Estate News
By Charles TurnerA few tidbits:
- Those of you Oregonian readers may have read Ryan Frank’s piece yesterday on the front page of the business section with a picture of our sign outside of our NW Ryan listing. Yes, it’s still available. It is online here.
- The Oregon Association of Realtors has canceled it’s RealtorVision campaign.
- I am going to do some more research on jumbo loans. What I have found is that there are no 30 year fixed loans out there. I have found a 5/1 ARM @ 5.50% and 7/1 ARM @ 5.75%. Both require 20% down.End
Charles….Is the Oregon Bond option for first time homebuyers still available?
No 30 year fixed!!?!? Are you saying there are no 30 year fixed for potential buyers who can put 20% down? Doesn’t that effectively kill the market?
No 30 year fixed JUMBO loans (confirm that the loan limit is $417,500). At least that I know of.
Wells Fargo’s website has today’s mortgage rates on it. A 30 year Jumbo loan is quoted at 9.875% for loans over $417,000.
INGDirect (www.ingdirect.com) has 5/1 (5.25%) and 7/1 ARMS (5.625%) for 499,999 or less (20% down).
Rates are 5.75 (5/1) and 6.125 (7/1) for 500K or more (20% down).
With their lower closing costs, etc., they are likely the best deal around for Jumbo sized loans in this marketplace.