Sunday, March 20, 2011

Mortgage Update

Michigan’s long winter seems to finally have broken.  This week featured plenty of sunshine with temperatures reaching the sixties.  With the nice weather the residents of Southeast Michigan are emerging from their homes and getting outside; walking their dogs, doing yard cleanup they meant to do last fall and getting their homes ready for sale.  Here is why I believe this Spring and Summer should prove to be a strong buying season in the Southeast Michigan and Ann Arbor real estate market.

U.S. economic news continued to be positive with claims for unemployment benefits dropping leaving the four-week moving average at the lowest level in more than two and a half years. 

Jobs mean payroll and payrolls enable individuals to move ahead with purchasing luxury items ….foremost of course being homes.
With the stock markets having rallied for the 8 months many people now are looking at stronger retirement accounts and asset positions.  Additionally there are many people who are gaining job security and the potential for raises and bonuses (you have to look no further than the big 3 right in our back yard as proof of that).

Rates have been slowly decreasing with the geopolitical news out of and North Africa and the Middle-East and natural disaster in Japan news as investors try to seek safe haven in bonds and mortgage backed securities.  The decreased rates are likely short lived as most economic indicators seem to show strengthening in the global and U.S. markets.

I’d advise locking in at this point.

For full rate quotes on any mortgage you seek please contact me at mark.j.orr(at)

Have a great week.

Kind Regards,

Mark Orr
Senior Loan Officer
Retail Mortgage Sales
Bank of America Home Loans

248.842.6275 | Mobile
734.437.5933 | Direct

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