Thursday, August 22, 2013

Will Rates continue to be low, low, low?

The Federal Reserve is spending billions per month to purchase mortgage-backed securities ($45 billion) and U.S. Treasuries ($40 billion), thus holding down interest rates for both.  This program cannot continue and the stock market is all ready reacting (lower values) to a anticipated reduction in purchases by year end.

Mortgage rates in 2012 reached their lowest levels in 65 years. Last Fall you could refinance a home at roughly 3.4 percent. In comparison, says Standard & Poors, the average mortgage rate over the past 40 years has been 8.6 percent. Rates at this writing are approximately in the 4.6 percent zone.  This Spring I refinanced my home at 3.5% on a 15 year loan, slightly less than you can do now.


What current rates are doing:  FHA and VA are the lowest in the 4.25% range for a 30 year mortgage.  Most 30 year conventional loans are in the 4.4% to 4.875% range with 4.625 being the most common.


15 year mortgages are in the 3.5% to 3.9% range with 3.75% being the most common.

A $200,000 loan at 4.5% on a 30 year mortgage would have a $1.014 P&I payment.  At 6% it would be $1,199.

Rates will rise.  It appears prices are starting to rise too so the longer you wait to refinance or buy a home the much higher your payments will be.


Thinking about buying or selling real estate?  Give me a call at 918-218-6011.  If you area out of my area I will refer you to a quality agent that can take care of your real estate needs.


Wayne "SHORTY" Short


Friday, August 9, 2013

Real Estate up date for the Grand Lake, OK market area

Data provided by the NE OK MLS for July, 2013


Wayne “SHORTY” Short

RE/MAX Grand Lake

Statistics for Real estate sales and Listings for the Metro area:  Grand Lake is unique in the wide price range of properties on the market in the area.  126 homes were placed on the market this year below $40,000 and at the same time, 118 homes were listed above $500,000.  The higher priced homes tend to take significant longer to sale because there is a much smaller pool of buyers willing and able to purchase them. 

The absorption rate is how many months of inventory we have based on how many homes sell each month divide into the total # of listings available for sale.  The absorption rate for the entire MLS in 2013 YTD is 15.17 months compared to 18.18 months in 2012.

The average list price for 2013 is $224,301.  This compare to $213,993 in 2012, an almost 5% increase in Price.

The average sales price for 2013 YTD is $162,392 compared to $160,579 in 2012.  This is more of an indication of what price range is selling than any discount on sales price.  Sold to list price in July was 89% of original list price.  This is higher the beginning of the year when the percentage was 85.5% in January.

Total units sold YTD for 2013 was 2% less than the same time in 2012.  New listings were also down 2.8% for the same time period.  Total listing on the market are down 5% from a year ago.

For specific information on your real estate in the area call “Wayne “SHORTY” Short at 918-218-6011

My web site is and my email is

RE/MAX Grand Lake, 2330 S. Main, Grove, OK 74344s