Financial Update by Maurice Soussé

Rates are holding pretty steady from last week which is good news as hopefully the increase has plateaued. I receive an interesting statistic this morning. The NAR reported that 32% of all home purchases are all cash and that 20% of all purchases are investors. This helps to clarify why the lower priced markets are so competitive. The investors are cash buyers sweeping up properties in that market making the offer and acceptance process so much harder for first time and move up buyers.

Take a look at the great ARM’s we have right now. The Jumbo 10/1 ARM is current at 3.375% which is fantastic.

This week’s quote is from the iconic Tommy Hopkins who said “Look at your past. Your past has determined where you are at this moment. What you do today will determine where you are tomorrow. Are you moving forward or standing still?”