Oregon Mortgage News: October 2009

The minutes from the September Fed Meeting have been released and needless to say, it was a heated meeting. However, most of the Fed members agreed that we are not yet in a position to increase the rate of short term funds and that the purchase of Mortgage Backed Securities should be extended.

According to Greg Robb's article in MarketWatch FOMC minutes reveal depth of disagreement over outlook

"But the minutes of the Federal Open Market Committee meeting of Sept. 22-23 reveal that below the veneer, officials have a wide range of views about where the economy is headed and therefore where Fed policy needs to be. The wide range of opinions about the economic outlook and the Fed's unprecedented policies had been expected by Fed watchers given the "cacophony" heard from officials in their public remarks.

Some officials believe that the Fed will need to tighten policy sooner rather than later. Others are worried that a weak recovery might cause a dangerous downturn in prices. Most Fed officials agreed that a recovery has started. But there was little agreement about the strength of the expected upturn.

There was a "range of views" expressed about the Fed's unprecedented credit-easing policies. Some Fed officials wanted to boost the size of the Fed's purchase of mortgage securities, while one wanted to end the program early.

There was no appetite for hiking rates at this meeting because "the cost of the economy turning out to be weaker than anticipated could be relatively high," the minutes said. The Fed decided to extend its purchase of MBS and asset-backed securities into the first quarter to smooth them out and avoid any sudden end that might jolt markets"

So what does this mean to Oregon Homeowners?

If this is correct, we should continue to see 30 year fixed rates below 5% into the 1st quarter of 2010. this bodes well for those who have yet to refinance and for those looking for a home. Fall and winter are usually poor times to sell a home in Oregon as the weather is generally bad. This should mean sellers are more willing to accept a reasonable offer, then wait for a higher one.

Time will tell.

Feel free to call me to get yourself or your clients qualified for an Oregon Home Loan today. 503-421-0096.

I received this from a reliable source. It should be taken seriously. Remember, don't ever give your personal information to anyone over the phone unless you know it is from a trusted source.

Scam Alert:

Type: Jury Duty Vishing Scam

Method of Delivery: Phone call from an alleged court officer

Primary Region Effecgted: Reports from 11 states, including: Florida, New York, Minnesota, Illinois, Colorado, Oregon, California, Virginia, Oklahoma, Arizona, and New Hampshire; may spread nationally

Source: Federal Bureau of Investigation (www.fbi.gov)

Scam Characteristics: A caller identifies him/herself as an officer of the court and notifies the victim that a warrant has been issued for their arrest for a failure to report for jury duty. If the victim protests they have never received a summons for jury duty, the scammer asks for a Social Security number and date of birth to verify the victim's identity and cancel the arrest warrant. This fraud is spreading quickly and has been reported in 11 states so far.

Recommended Precautions:

Be Suspicious
These vishing scams (a combination of the words "voice" and "phishing") are designed to get you to provide criminals with your personal and financial information. Most organizations will not ask you to provide your sensitive information during an unsolicited phone call, so any caller that does should immediately send up a red flag.

Never Provide Your Sensitive Information to Unsolicited Callers
Sensitive information includes your Social Security number, your credit card or debit card numbers, your birth date or birthplace, your vehicle registration plate number, and any other information you wish to keep private.

Contact the Court in Question
To determine the legitimacy of the call, contact the court in question at a number that can be found in the phone book, on a phone directory website, or by calling directory assistance.

Sensitive information includes your Social Security number, your credit card or debit card numbers, your birth date or birthplace, your vehicle registration plate number, and any other information you wish to keep private.

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