Though I wish I had time enough to post highly entertaining and educating blog posts on River Banks to Corn Fields on a dialy basis, I find there are plenty of other good bloggers with posts that I think Dubuque real estate interested readers will find value in.  Though not sure this will be a regular feature of this blog, here’s a summary of some of the best blog posts I found in the last few days.

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First up is a mortgage financing column by Terry Savage, nationally known author and expert on personal finance as well as a regular television commentator on CNN, CNBC, PBS, and NBC on issues related to investing and financial markets.

Mortgage Rates At 5 Percent or Lower, But Be Careful Refinancing

In the midst of all the bad news about mortgages and home foreclosures, there is really some very good news for qualified borrowers. If you’re purchasing a new home, or if you’ve decided to refinance, you can now lock in some enticing low rates, thanks to the Federal Reserve’s determination to bring mortgage rates down and get the economy growing.

According to Bankrate.com, the national average for a 30-year, fixed-rate mortgage has fallen to 5.06 percent.

Read Full Article Here…

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Next up is Tim Parker from Elementary Finance in an article that describes the great combination of the $8,000 credit for first-time homebuyers and the “cheap property market”.  While I wouldn’t characterize the Dubuque market as being cheap, at least in pricing terms compared to recent years, our lower than national average housing prices do certainly apply.

First Time Home Buyer Credit, Cheap Property Market: Time To Buy A House!

Here’s a tip for first time home buyers entering this property market: when you consider the advantages of an $8,000 tax credit and a cheap real estate market, 2009 looks like a great time to buy a house!

We had a lot of wind yesterday. I looked outside this morning and found a yard full of sticks from the trees, leaves from my neighbor, and I’m noticing that it’s about time to paint the exterior of our home, one of my least favorite jobs. Owning a home can take a lot of time and expense but for many, its drawbacks are far more complicated than sticks, leaves, and paint. It’s economic.

Since the beginning of the recession in late 2007, credit has become more difficult to find and because of that, prospective buyers are finding it much harder to save up for a home.

 Read Full Article Here…

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Last up is part of a Home Seller Series by Charles Woodall of Century 21 Key City in Dothan, Alabama.  Here he talks about three basic types of home buyers that you will likely encounter as a seller and how to strategize for each one.

Home Sellers Series – 3 types of home buyers you need to know about

While I’m not inclined to put people, in this case home buyers, into definite, immovable categories, it is important in our business to look at these things and try to help our seller clients determine how to use the information to their advantage. Sellers need to not only know how we attract buyers (marketing plan), but also what appeals to different types of buyers. I saw a presentation this past week that put all home buyers into one of these three categories, so I thought I would talk a little about each of them.

Read Full Article Here…

Today at approximately 1:30PM CST on Tuesday, the President signed the latest economic stimulus bill into law.  Now, we can all argue into the wee hours about whether this latest attempt to kick-start the economy is a good idea, but, at the end of the day, it’s  still the law. 

In addition to being limited to first-time home buyers, the tax credit:

• Is equal to 10% of the home’s purchase price up to a maximum of $8,000.
• Is available for homes purchased on or after Jan. 1, 2009 and before December 1, 2009.
• Does not have to be repaid.
• Has income limits of $75,000 for single taxpayers and $150,000 for married couples.

I happen to be a member of the National Association of Home Builders (NAHB) and they have been doing a great job keeping the public updated as to the housing provisions in the stimulus bill.  Click the image below to view NAHB Tax Credit website.

It’s been a couple of weeks since the last time I posted an update about the recent trends in Iowa mortgage rates.  This week I posted both the 30-year and 15-year fixed rate mortgages.  Notice that while the 15-year and 30 year rates seem to follow each other up and down the rate scale, they aren’t necessarily tied together.  See the size-able dip 15-year notes took towards the end of January while 30-year rates continued a slow, steady climb in that same time frame.

Graph courtesy of BankRate.com

Of course, these are averages for 30-year and 15-year fixed rate mortgages.  Local rates can, and do, vary on not only a daily, but frequently an hourly basis.  Check with your favorite local banks or credit unions to get local rate quotes. 

If you haven’t already been working with a bank or credit union or even a mortgage broker, I do have access to in in-house mortgage lender at Ruhl & Ruhl with 1862 Mortgage.  1862′s local rep, Ashley Schrempf would be more than happy to quote you current rates as well as pre-qualify you if you may be in the market for a home loan in the near futute.

Thought I’d post a quick graph from Bankrate.com to show how 30 year mortgage rates have tracked out over the last month.    As of today, the average 30 year mortgage rate in the state of Iowa stands at about 5.27%.  Now, of course this is averaging – you may be able to find better rates, but then again, you might not.

It would appear that the lowest average rate, at least over the last month, happened on January 13th at 5.10%.  The high end was nearly a full half-point higher on or about December 21st at 5.55%   Either way, these still are butt-kicking rates.  If you’re serious about financing a purchase, these are some of the best days to do so over the last couple of years.

As with any post, your comments and questions are encouraged…