Dave Reichert Mortgage Advisor PHH Mortgages

There (still) hasn't been a better time for a person to purchase their first home or move up to a bigger home.  30 year fixed interest rates are below 5% again with no points.  A point is a 1 percent of your loan amount. Qualified borrowers can borrow money for less than $5.45 per $1,000 financed.  Compounding the good news is that home prices in Las Vegas are still at 5 year lows making for a perfect time to purchase.  The administration extended and expanded the homebuyer credit to first time homebuyers and now move up buyers (meeting certain criteria) can also benefit from an income tax credit through the spring of 2010.
 
These features of the market are coupled with the fact that there is less competition during the holiday season.  We have seen in recent months that you were up against anywhere from 2 to 15 other offers when attempting to purchase real estate in Las Vegas; historically people wind down their search for a new home because they either don't want to move during the holiday season or are spending their disposable income in malls, shops and restaurants.  Reducing the field of competition exponentially. 
 
Additionally, the Fed is winding down their purchase of Mortgage Backed Securities (in my opinion the single most determining factor for why rates are so low in this tumultuous economy) and when they no longer are a buyer of these securities it will be up to a gun shy global community to buy what has been a bad investment for them in the recent past.  We can safely assume that the appetite for these securities will diminish.  Simple economics tells us that if no one is buying what you have to sell; you are going to have to reduce your price to make it an attractive purchase to your customers.  When you lower a price on a security like MBS' you HAVE to increase the yield; read INCREASED INTEREST RATES.  The timeline on the wind down is March of 2010.  So rates will start to creep up leading into March and after March it's anyone's guess how high rates will go from their without good MBS auction participation.
 
Buying and not waiting should be on everyone's mind right now.  Even if we see a slight depreciation in the coming years to quote a famous quote "this too shall pass."   It makes sense over any 15 year period that you analyze the net outcome for real estate is appreciation (at least in nominal terms).  Now more then in a long, long time it still makes sense to get into the Las Vegas Real Estate Market.
 
 
PHH is funding loans and with a diminished pipeline usually attributed to the Holiday season funding and service are increased...

If you have buyers ready to purchase allow me the opportunity to give them great service coupled with a great rate today!

Conventional

30 year fixed

4.965% with 0 points

4.85% with 1 point

No Lender cost loan

5.125% with 0 points

4.942% with 1 point