Monday, February 18, 2008

February 18, 2008

Interest Rates rose to 5.875% for a 30 year fixed on February 18, 2008. Mortgage rates have been somewhat strange over the last 20 days. They are up a bit right now.

Current listing inventory - 212 active listings in Owatonna as of today. We have seen quite a few showings through the month of January but showings have tepered off the last week. Right now buyers seem to be confused about interest rates and are just sitting back waiting for rates to come down and stabilize a bit. The FED has dropped the wholesale rate several times, however many lenders are keeping mortgage rates high trying to recoup some of their sub-prime losses. In addition many secondary investors are asking for a higher returns for the same reason.
The number of pending listings remained rose slightly to 23 houses. There were 22 properties Closed so far in 2008.

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