July 2016 // Real Estate & Home Builders Guide // 13M
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Baker City
490 Campbell 541-523-5855
into
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Boardman
101 Olson Rd. 541-481-3014
THIS!
Enterprise
107 S.W. First 541-426-4622
Hermiston
Heppner
John Day
La Grande
Milton-Freewater
Pendleton
Umatilla
415 S. Hwy 395
289 N. Main
281 West Main
102 Elm
505 Ward
501 S. Main
1530 Sixth
541-567-6151 Look for your
541-676-5536 next home in
541-575-0547 ONE place, The
541-963-8588 Eastern Oregon
541-938-5563 Real Estate &
541-276-7411 Home Builders
Guide!
541-922-4825
Mortgage rates reach nearly
their lowest point since 2012
By Ilyce Glink and
Samuel J. Tamkin
Tribune Content Agency
Thanks to the Brexit
vote and the uncertainty this
caused in the bond market,
this week mortgage interest
rates fell to nearly the lowest
point in history.
According to Freddie
Mac’s Primary Mortgage
Market Survey, interest rates
on 30-year mortgages landed
at 3.41 percent, just 10 basis
points (1/10 of 1 percent) off
the all-time low reached in
November, 2012.
As you might expect, the
number of people who put in
applications to reinance their
mortgages jumped.
Reinancing your
mortgage has a number of
short-term and long-term
beneits, particularly if you
missed the 2012 super-low
interest rate window: You
can lower your monthly
payments, which will put
more after-tax cash into
your pocket today, and you
can potentially shorten your
loan term, which will put a
lot more cash in your pocket
over the long run.
Lenders are now regularly
quoting ixed-rate mortgages
with 10-year terms and the
interest rates are eye-pop-
pingly low: 2.8 percent for a
10-year loan. On a $100,000
mortgage at 2.8 percent
OFFICE
for 10 years, you’d pay just
$14,768 in interest over the
entire life of the loan.
That’s almost like
borrowing money for free.
Not everyone will qualify
for these sorts of low interest
rates. You need to have
excellent credit, and a decent
amount of equity in your
home (certainly more than 20
percent helps). And because
banks continue to ask for
nearly every document under
the sun, you’ll also need to
have the fortitude to comply
with seemingly endless
requests for paperwork.
Assuming all that, you’ll
be sitting pretty with maybe
a new loan carrying the
lowest interest rate on your
block or in your building.
And, that’s something to brag
about at the water cooler.
It may also help explain
a conundrum that real estate
industry observers have
begun to noodle about: the
relative lack of homes for
sale.
There’s been a lot of
attention focused on why
millennials aren’t buying
homes at the rate and at
the age of the previous
generation. Some of the ideas
include the fact that Millen-
nials are overwhelmed with
student loans; they prefer
living close to work; they’d
rather be renters than owners
to have increased lexibility;
#3179RR HOME OVERLOOKING BEAUTIFUL JOHN DAY GOLF
COURSE. Sale incl golf cart! Drive down driveway & onto
course. Nice private 1296 +/- SF log-sided & upgraded
1984 Silvercrest DW 3BD/2BA w/cov deck, sprinklered
yd, storage bldg & tool shed. On very low maint 2.89 +/-
acs w/city water & septic. 59489 Vista Ln, JD. $169,000
RMLS#16009193
160 E. MAIN •
JOHN DAY, OR 97845
5415752121 / 8885752121
with the types of jobs they
have (many of them 1099 or
minimum wage), they don’t
qualify under stringent new
banking rules put in place
since the great recession;
and, they don’t have any
savings.
All of this makes sense.
But by the same token, there
aren’t a lot of homes available
for sale in the irst-time buyer
price range (or even the
trade-up range).
But we believe that the
super-low mortgage rates that
have been loating around
since the recession coupled
with the destroyed inancial
lives of millions of baby
boomers and Generation X
has a lot to do with it.
When the Great
Recession really set in,
millions of inancial lives
were destroyed. Millions of
homes went into foreclosure
or were sold thru a short-sale,
and billions, if not trillions,
of equity was lost. (Home
prices have come back, but
those homeowners who lost
their homes have not enjoyed
the price appreciation.)
At the same time, millions
of baby boomers and Gen
Xers lost billions in their
401(k) accounts when the
stock market crashed. Or,
they had to cash out their
retirement savings in order
to stay aloat when they lost
their jobs.
FEATURED
HOME!
#3177A BUILD YOUR DREAM HOME ON THIS 5+ ACS.
Fabulous view of valley & mtns. Lots of privacy. Water
& sewer avail at prop. DEQ-approved for sand fi lter
septic sys. See to appreciate. Airport Rd., JD. $37,500
#3178RR COUNTRY HOME ON 2.8 +/- BEAUTIFUL
RMLS#16373002
Jerry Franklin, GRI (ABR)/SRES
ACS OUTSIDE SPRAY. Pasture w/seasonal cr.
Principal Broker/Owner,
#3164R NEW LISTING!!! 1832+/- SF 2-story 3BD/1BA. Built in
Enjoy outdoor views from lg paved patio w/gazebo. Spa-
541-820-3721
1908. Enclosed porch 8’x28’, 24’x40’ garage, 6’ x 8’ deck.
cious, open 3BD/2BA w/mstr suite, laundry & pantry.
Wood and oil heat. Must see to appreciate everything this
Wendy Hull, GRI
36’x36’ shop w/concrete fl oor, 220V & 14’ door. 12’X12
home has to off er. 210 S. Eagle St Long Creek $61,400
Principal Broker, 541-620-4239
shed. Home on gravity-fed spring water. 43190 Kahler
RMLS#16098879
Michal Madden
Basin Rd. $245,000 RMLS#16318699
Broker, 541-620-4408
#3167A PRIVATE AND SECLUDED 5.84+/- acres bordering
Kathy Endicott
Forest Service in the Pines, ready to build or use as a #3103RR REDUCED TO SELL! CUSTOM 3000 +/- SF LOG HOME
Principal Broker, 541-620-2960
overlooking John Day Valley. 44 +/- acs just 4 mi to town. 2
recreational retreat. Power/well already in/DEQ approved
Traci Frazier
to 3 BD/2BA, extra large loft, offi ce, sunroom w/hot tub. 3-bay
for septic/paved road to property/year round accessible/
garage & shop on lower level. Call to view. 26874 Ridge Rd, JD.
nice shop/with attached covered parking. Laycock Creek
Broker, 541-620-0925
$325,000 NOW $299,900! RMLS#15616139
Rd, Mount Vernon $149,000 RMLS#16341626
Shanna Langley
Broker, 541-791-1180
See our listings at: www.easternoregonrealty.net • www.eastoregonrealestate.com • www.farmseller.com • www.rmls.com