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Terry Denoux, P.C. Broker

October 2004
Real Estate Update

Rates Flat, Housing Continues to Shine

Freddie Mac's Primary Mortgage Market Survey reported the 30-year fixed-rate mortgage averaged 5.72 percent, with an average 0.6 points, for the week ending September 30, 2004.
"Our forecast is for the 30-year fixed-rate mortgage rate to remain below six percent for the rest of the year and not much higher than that for 2005, " said Frank Nothaft, Freddie Mac vice president and chief economist. Low mortgage rates continue to keep the housing market

Mortgage Rates

Source: Realty Times

U.S. averages as of September 30, 2004:

30 yr. fixed:   5.72%
15 yr. fixed:   5.12%
1 yr. adj:       3.97%

vibrant. Indeed, the Mortgage Bankers Association figures show that applications for home purchase and refinancing have rebounded to the higher levels experienced earlier in the year.

More Housing Starts For Aging Homeowners

    There is more housing to go around for seniors these days.
     Some 32,184 units of market-rate housing for seniors is now in various stages of development at 219 sites and 72 expansion projects in 38 states and Washington, D.C. -- a 12 percent gain over last year -- according to a joint study by the American Seniors Housing Association and the National Investment Center for the Seniors Housing & Care Industries.
     That's only 50 percent of construction during the 1999 record year, but it is the second year of increases. For the sixth consecutive year, California had the greatest number of new seniors housing properties being built (41).

Storm Season Fails To
Blow Down Insurers

Although damages could come in as high as $22 billion from Hurricane Charley and the three other hurricanes that pummeled U.S. coastal regions over the past six weeks, the insurance industry appears to be less panicked and more prepared to handle the expected losses. Unlike in 1992, when Hurricane Andrew's $20 billion in damages decimated the sector, three years of steep premium hikes have given carriers more padding to cushion the blow.
While observers acknowledge that carriers still will take a big quarterly hit from the storms, they do not believe the financial results will be poor enough to turn around the underlying trends toward lower property-insurance costs.

Refinancing May Still
Be Beneficial

    Although rates have risen slightly over the past several months, they have not spiked as high as many people predicted. Today's rates are still historically low and refinancing may still be beneficial. Here are five ways refinancing could help you:
      1. You want lower monthly payments. A lower rate may mean lower monthly payments. Consider taking out a new loan for the same length of time that remains on your current mortgage.
      2. You want to pay off your mortgage more quickly. You may be able to shorten the length of your mortgage (say, from 30 to 15 years) while keeping your monthly payment near its current level or by increasing it.
      3. You want to switch from an adjustable rate mortgage to a fixed rate loan. Some people chose an adjustable rate mortgage when fixed rates were higher. Now you can refinance, switch to a fixed rate mortgage, potentially lower your interest rate and save money.
      4. You want a better adjustable rate mortgage. Mortgage options are constantly changing. A new program may be available that has more favorable rates and terms than your current loan.
      5. You want to consolidate debt. If you have enough equity in your home, you might want to combine a home equity loan with your original mortgage and have one manageable payment.

Equal Housing
Opportunity

Terry Denoux, P.C. Broker
Cellular: (541) 350-2921
Web: http://www.gobend.com
E-mail: terryd@gobend.com

RE/MAX Equity Group
235 SE Wilson Ave.
Bend, OR 97702

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