Bend Oregon – When the clock struck midnight on January 1st 2014, many Realtor’s, mortgage brokers and lenders in Bend and across the country wondered how the Consumer Financial Protection Bureau’s brand new Ability To Repay mortgage rules would effect the Real Estate market once they took affect and now that 99% of the rules have been officially in place for the last week it looks like the business of Real Estate is continuing as it always has without any major long term changes, at least for now.
Good News for the Real Estate Market
Moving past the new rules from the Consumer Financial Protection Bureau we can see that there’s lots of positive things happening for the Real Estate Market in Bend and across the United States including:
- Low mortgage interest rates – You can still get a mortgage loan that’s under 5%.
- Low down payment – Depending on the loan program that you choose, and your credit, you can get into a home for as little as 5% down,
- Foreclosures are slowing down – Thanks to low mortgage interest rates and higher home values we’re seeing foreclosures slow down to the slowest pace that they’ve been in six years.
- Unemployment is down – Another great economic indicator to talk about is that unemployment is down across the country and more jobs are being created. As of December 2013 the nationwide unemployment rate was 6.7%.
Best Time for Buyers or Sellers
It doesn’t matter if you plan on buying or selling a Bend Oregon Home, now is the right time for you to make your move because, even though the Real Estate Market is steady now we can expect to see Mortgage Interest Rates to start moving upward in the coming months because, the Federal Reserve has promised to move itself slowly out of the mortgage market and that means we will see a gradual rise in Mortgage Interest Rates.
To learn more about the latest Real Estate Market News, or to view Bend Oregon Homes for Sale, contact me today by calling (541) 383-1426.