This week the upward push on rates continued because the economy continues to do better:

1. Initial Jobless Claims and Housing starts were both better than expected;
2. The Philly Fed Manufacturing Index was almost twice as strong as expected;
3. Retail Sales ex-auto was twice as good as expected;
4. And both the producer price index and the consumer price index came in higher than expected.

With economic growth comes the fear that inflation will return. For now - deflation fears have left the building, and the Fed appears to be on track with their goal of stimulating inflation. This drives rates up.

Also, the Dow reached levels not seen since Lehman collapsed over two years ago and this has caused outflows from the bond market (mortgages are bonds) to the stock market. This also forces rates up in order to entice investors keep buying bonds instead of stocks.

So, while it took six months for rates to drift down to their historic lows in October, it has only taken six weeks to see those rates disappear.

This week 30 yr. fixed rates ranged between 4.5% & 4.875% depending on program, credit and points. Have a great weekend!

The holidays are quickly approaching, so many are busy with the hustle and bustle of the season. Despite the rumors floating around, this is a great time to buy. Interest rates are no longer in the low 4%, but are in the mid 4% heading towards 5% in the near future. Rates will most likely not be this low again in your lifetime, and the lower the interest rate, the further your money goes in terms of buying a home.

For those whe are serious about buying or selling a home, I am offering additional incentive for you to buy now. For all prospects who mention this letter, I will pay $1000 to go towards closing costs. Are you ready to look for a home now? Give me a call, and I will help you get started. Not quite ready yet? This offer will be good when your are.

For those who are not looking right now, keep in mind that I do give cash referral fees. Call me for more information today.

Happy holidays!

Mindy Farris
469.569.2968
mkfarris@gmail.com
www.mindyfarris.com

Loan Rates Heading for the 5% Range

The artificially low rates of October ARE a thing of the past and WILL NOT return. Did you miss the low 4% boat? You can still get on the mid 4% boat, but you'd better hurry. The 5 & 6% boats will be leaving later in 2011. Current rate is 4.46%, up from last week's 4.4%. This really is a good time to buy!

Great home buying tips!

There's no place like home for the holidays! Ready to buy, sell, or both? Here are some great guidelines to getting started, but if you're truly serious, call me, as well! 469.569.2968

The questions surrounding a house purchase can feel endless, whether you've spent years saving and preparing to buy your dream home, or are unsure if you can afford the property you desire.

Whether searching a Texas home for sale in Houston, Dallas/Fort Worth, San Antonio, Austin, or hundreds of additional smaller Texas cities and towns, RE/MAX®, the industry leader in experience and service, can deliver your answers and peace of mind through this often confusing process. Here on remax-texas.com, you'll find just the right RE/MAX REALTOR to make finding a home for sale in Texas a snap.

Here are some tips to help you navigate the road to home ownership…
Hire a real estate professional. The first step is to select a professional to help you find your dream home and fine-tune your financial expectations. Working with a REALTOR who is a buyer's agent is worth consideration since he or she is legally responsible for representing the buyer's interest in a real estate transaction. Before making a decision, however, have your Texas real estate agent explain the pros and cons of using a buyer agent versus a sales or dual agent. Your RE/MAX REALTOR can guide you through every step to buying a home.

Shop for mortgage rates and terms. A difference of even half a percentage point can mean a huge savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600.

Prequalify for a loan.
Your third step should be to get prequalified, which determines how much you can afford. It allows you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and really can afford to buy this Texas real estate.

Define what you want.
The next step is to create a realistic idea of the Texas home for sale you'd like to buy. What features are most important to you? Make two lists: one of the items you can't live without and one of the features you would enjoy. Refine the lists as you hunt for that special home for sale in Texas. It is also helpful to search online to see what is currently available on the market. Your RE/MAX REALTOR can then show you houses that meet your expectations.

Visit properties. Now you're ready to visit houses. Ask your Texas real estate agent to arrange showings, and keep track of the properties you've seen.

Know the features that help or hurt resale.
In some areas, a swimming pool actually detracts from a home's value and makes it harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may impact the home sale and future value. Your RE/MAX REALTOR can point out features that hurt or help resale value.

Rate the houses you tour.
After touring each selected Texas home for sale, write down what you liked and didn't like. Develop a rating system that will help narrow the field down. For example, pick the house you like best on day one and compare all other houses to it. When you find a better one, use the new favorite as the standard.

Make an offer.
Once you've pinpointed your dream house, it's time to get serious about the financial and contractual side of the purchase. Your RE/MAX REALTOR will be a strong advantage since you and the seller have different goals.

Arrange for a home inspection.
After your offer is accepted, set up a home inspection. It's common to find problems, including leaky roofs, cracked walls, insect infestations and foundation problems. Your RE/MAX REALTOR can help find a reputable inspector, and will negotiate to get you the most for your money once the inspector's report is final. If you negotiate repairs as part of the purchase, ask for a "walk through" before finalizing the paperwork. Ask your Texas real estate agent about home protection plans, which may save you money in the near future.

Close. Before your closing date, make sure you've made all necessary deposits and completed the paperwork-including mortgage, title, homeowner's insurance and any other paperwork required by local or state governments.

Prepare for life in your new home.
Before rolling out the welcome mat, consider some moving basics: arranging for an alarm company, turning on electricity, water and gas, cleaning or replacing the carpet, and notifying your local post office of your new address. The best time for renovations is often before you move in.

Lakewood foreclosure deal! NOT EVEN KIDDING!!!

I know of a great foreclosure in the Lakewood area of Dallas that should not be missed if you are looking for a quality investment and a beautiful home. It was priced at $1,295,000 in 2008 prior to going into foreclosure. It is now reduced by the bank to $667,900--built in equity when the economy bounces back. It's only $138.41/sqft, which is a steal for this area. The home is 4/4.2/2 with 4829 sqft. with a pool/spa, built in grill and outdoor fireplace, wine cellar, and more. Call me if you or anyone you know might be interested in this beautiful home. It is not my listing, but I would like to sell it, and get an even better deal for you!!

6306 Ellsworth Ave, Dallas, TX 3/2/2 1903 s.f.

Located in an the Lakewood area of fine homes, this warm 1920's home is brimming with appeal and livability. Near lakewood shopping, lower Greenville, award winning Stonewall jackson Elementary, and White Rock Lake. Beautifully landscaped home on a lush treelined street. Affordable luxury at $329,900.

* Tastefully uppdated with warm designer colors
* Rich wood floors, designer colors, fireplace & built-ins
* Generous kitchen with ceramic tile & stained concrete counters
* Romantic master suite upstairs with walk-in closet, & bath with shower and tub
* Downstairs AC & heater system replaced 2009/up comopressor in 2006

Hello, Everyone!

Are you looking to downsize, or maybe you need a larger home? With mortgage rates at 30 year lows, I wouldn’t want you to miss out on one of the most financially favorable periods ever to own a home!

As a full time real estate agent who has lived in the neighborhood for more than 25 years, I can provide you with firsthand, current market expertise that includes the most sought after neighborhoods in North Texas. I give my clients personal attention throughout the entire transaction, and I am committed to results!!

I am your neighbor, and I am ready to help! Call Mindy Farris for a free consultation and comparative market analysis today.