Is it time to buy?

Sorry for not posting for a while. I have been pretty swamped with all of the refinances that people are requesting. While I was looking at my list of current clients I realized that 90% of them are clients who are refinancing and only 10% are clients that are purchasing a home. This got me thinking about a couple things. My first thought was that maybe I am the only loan officer in town with this ratio and I need to do a better job marketing to real estate agents (in 2009 I have the goal for 40% of my business to come from real estate agents. Right now it's like 10%) After talking to some of my loan officer colleagues that had similiar situations I thought "why aren't more people buying homes?!" With interest rates as low as they are and the first time homebuyer tax credit of $7,500 Iwould think that everyone would be scrambling to purchase a home. I've come to the conclusion that the media has poisoned everybody with the fear that they are going to lose their job and be foreclosed on their home. So a couple things need to happen...People need to stop listening to the media and Obama needs to push the "recession off" button in that secret room in the White house.

4.25% on 15 year fixed!!

Today an FHA 15 year fixed got as low as 4.25%. That is the lowest that Wasatch Mortgage has ever seen in it's 10 years of existence. The other nice thing about a 15 year fixed FHA loan is that if the borrower has 10% equity they will not pay any monthly mortgage insurance.