Interest rates on mortgage loans for homes have been at ridiculously low rates for quite some time now.  As the government is helping to keep borrowing rates low to help stimulate the nation’s sputtering economy, this is definitely the "sale of the century."

When I mean “sale,” I mean 15-year fixed rate loans in the low 3% range and 30-year fixed rates around 4%!  These are lows not seen in well over 50 years.  Again, the Federal Reserve is the helper in keeping these rates low, but this “sale” will not go on forever. 

The Federal Reserve has indicated that they are interested in keeping short-term borrowing rates low into 2014.  This means that benchmark borrowing costs for banks should remain low as well.  Mortgage rates, which are tied to more medium-term time frames, will begin to rise at some point.  It is difficult to pinpoint that exact time, but odds are they will start moving up sooner than later. 

One must keep a historical perspective when we talk about mortgage interest rates and when they will go up again.  Many remember the early 1980s when mortgage rates were in high double digits.  Then, through much of the 1990s, rates were in the 7%-9% range.  It was really the 2000s when mortgage rates began their decade-long run of historical lows. 

There is no question that if and when the economy gets back on track and if and when more jobs are created and unemployment gets under control, mortgage rates will go back up.  A healthy economy generally translates into more moderate rates.  A poor economy generally translates into cheap, low rates meant to entice and stimulate borrowing and economic growth (where we are today).

Right now continues to be a great time for homeowners to assess their refinance options. Do you recall that old rule of thumb that you must save 2% on your rate? Forget it! Be sure to contact a mortgage professional. If they are a true professional, they will run the numbers for you and do a cost-benefit analysis.

Also, access to credit is still available – don’t believe everything you read.  Yes, banks and mortgage companies are still loaning money – to qualified borrowers!  Gone are the days of subprime loans, no documentation loans and gimmicky structured loans like pay option ARMs.  The mortgage lending business has returned to reasonableness and that includes the products that are being offered and the credit terms required by investors and banks.

So, looking to buy a home? First-time homebuyer? Moving up in home? It is a win-win for buyers.  Low rates and outstanding affordability in our markets make this the ideal time to become a first-time homeowner or become a homeowner all over again.

Have a question?  Feel free to comment below or contact an Arvest Mortgage Company Lender today.

Steven is an Executive Vice President for Arvest Mortgage Company. Every financing situation varies. Please consult your Arvest lender for specific borrowing advice.

Arvest Bank and the American Heart Association have partnered together to offer free CPR training to the public Wednesday, May 16.  The event will support a goal set by the Rogers Fire Department to train 5,000 residents the new CPR techniques.  So, whether you’ve had CPR training, have never learned it or simply could use a refresher course, this event is for you. 

Training will be available Wednesday, May 16 from 10:00 a.m. to 2:00 p.m. at Arvest Bank in Rogers at Village on the Creeks (5201 Village Parkway) and from 2:00 p.m. to 4:00 p.m. at Arvest Bank in downtown Rogers (201 W. Walnut).  No appointment is necessary and training sessions take less than 15 minutes.  This simple training exercise could help you save a life one day.  Come learn with us!
 

As part of an initiative to raise awareness of identity theft, Arvest will be sponsoring a Shred-A-Thon in Joplin, Mo.  The Shred-A-Thon was announced at last week’s Identity Theft Community Seminar.  The event was held at the Missouri Southern State University campus in Joplin and featured guest speaker FBI Special Agent Kevin Caudle who spoke about the threat of identity theft and various ways to help prevent it.

Shredding documents that contain any personal information is one proactive measure to help protect your identity. Arvest has partnered with Shred-It to bring the Joplin community this event.  All are invited to bring any unwanted paper and/or sensitive documents to have shredded and recycled free-of-charge. 

Where?  Arvest Bank at Medical Plaza, 3201 McClelland Blvd., Ste. C

When:  Tuesday, May 15

Time:  11:00 a.m. – 1:00 p.m.

For more information about this event, please contact the bank at (417) 627-8000.
 

A brand new 33’ Winnebago commercial freightliner has been making its way through the River Valley offering quick, convenient mammograms to patients who would otherwise have to travel for them.   Arvest will be hosting the mammogram van at their bank branch locations throughout the Fort Smith/River Valley region.

Arvest is pleased to be involved in early detection for our communities.  If just one person’s life can be saved through this process, it is all well worth it!

The Mercy Fort Smith Mobile Mammography will be performing mammogram screenings at the following location near you:

Arvest Bank - Downtown Fort Smith
812 Garrison Ave.
Wednesday, May 9
9:00 a.m. – 3:00 p.m.

Arvest Bank – Rye Hill
11808 Hwy. 71 S.
Wednesday, May 16
9:00 a.m. – 3:00 p.m.

Arvest Bank – Alma
408 Hwy. 64 W
Wednesday, June 6
9:00 a.m. – 3:00 p.m.

Most health insurance plans will cover the cost of this exam, but may require a deductable payment. If you do not have health insurance that will help pay for this exam, please let us know at the time of the call, as we may be able to provide you with the exam at no charge through our Mercy Community Benefit funding sources.

Appointments take about 15 minutes and they offer the same quality imaging you would get from coming to the hospital for your screening. Please call 479-314-6066 (Mercy) to schedule your appointment. 

Parents worry about so many things, and rightfully so. However, many parents are unaware of a huge risk that affects millions of children each year:  Child Identity Theft.

(click to enlarge)

Source:  AllClear ID

Protecting your children from identity theft is becoming increasingly important as illustrated by this infographic.  When considering an ID Theft coverage product, make sure your children are covered!  Arvest's Family IDProtect covers your entire family in the home, including your kids! 

The 22nd Annual Arkansas Small Business Award Luncheon sponsored by the Arkansas State Chamber of Commerce, Associated Industries of Arkansas, and the U.S. Small Business Administration was held on April 24, 2012 at Verizon Arena in North Little Rock, Ark. 

Arvest Bank was awarded a plaque as the Top SBA Lender for Fiscal Year 2011 at the Small Business Award Luncheon.  Arvest Bank was the leading lender in Arkansas for both number of SBA loans and dollars produced in fiscal year 2011.  Arvest Bank has been an SBA Preferred Lender since 2004 and participates in the SBA Express, Patriot Express, 504 loan program, and the 7(a) loan program.

Arkansas Power Electronics International, Inc. (APEI) of Fayetteville, Ark. was also recognized at the luncheon.  APEI was named the Arkansas Small Business of the Year.  APEI is one of the leading developers of silicon-carbide power electronics modules and systems in the world.  It was founded in 1997 as an engineering consulting firm and has transitioned to research and development on electrical conversion products for energy markets.

Other award recipients included McCormick Asphalt Paving & Excavating, Inc. of Little Rock, AR as Small Business Person of the Year Runner-Up and Construction Network, Inc. of Jonesboro, AR as the Jeffrey Butland Family-Owned Business of the Year.    
 

According to Arvest mortgage figures, consumers were buying and refinancing homes more than usual in the 1st quarter of 2012.  Reasons for these increases include a period of historically low loan rates and a movement of more consumers into the home buying market after spending time on the sidelines. Any home owner who hasn't refinanced in the past two years or more should contact a lender today to see what positive impacts refinancing could have on their mortgage. Read more about the 1st quarter numbers in the press release below. 

(April 30, 2012) - Arvest Mortgage Company reported today results of its mortgage lending activity for the first quarter of 2012. The company originated more than $548 million in new mortgage loans for both purchases and refinancing, a 97 percent increase over first quarter 2011’s $278 million. In contrast, the Mortgage Bankers Association projected first quarter 2012 new mortgage originations to increase nationally by five percent over first quarter 2011.

“Typically, first quarter is the slowest quarter for home buying and refinancing. However, low interest rates have enabled many homeowners to refinance their mortgages at near record low rates and encouraged others to purchase homes at a time of year when, typically, they have not,” stated Todd White, Arvest Mortgage senior vice president. “For our loan originations to have doubled, the overall real estate market has to be improved for both buyers and sellers. Our loan officers are certainly reporting a significant increase in activity with significantly more families buying homes and many more sellers being successful in finding buyers. While we can’t say definitively that the real estate slump is over, anytime the largest mortgage lender in the state practically doubles its business, you can sure bet that the market definitely improved.”

Arvest also experienced a higher mix of purchase loans (35 percent) to refinances (65 percent) compared to national projections where refinances are projected to be 76 percent of total applications. U.S. lenders are projected to originate $318 billion in residential mortgages in the first quarter of 2012, led by $242 billion in refinanced loans, according to estimates published March 16 by the Mortgage Bankers Association.

“We are encouraged by the amount of purchase loans we saw last quarter. Approximately 35 percent of the 3,782 mortgages we’ve made were purchase loans, so while refinancing was still strong, more and more people are buying homes,” White concluded.
 

In response to the growing threat and seriousness of identity theft, Arvest Bank in Joplin, Mo. will be holding an identity theft seminar with guest speaker FBI agent Kevin Claude on Friday, May 4.  All are invited and this event is free to the public.  Please see the release below for additional details.

Joplin, Missouri.— Identity theft costs millions of Americans thousands of dollars and hours each year.  Arvest Bank wants to help you learn how to avoid stress and hassle while fighting identity theft.

Guest speaker Kevin Caudle, Special Agent with the FBI will provide an insight to our identity theft concerns.  “With technology becoming such an important part of each of our lives, the information necessary to steal someone’s identity has become increasingly available,” said Caudle. “Hopefully, my presentation will provide ways for attendees to protect their identity or, should they become a victim of identity theft, help guide them through the process of protecting themselves from further exploitation.”  Caudle has been with the FBI for 22 years.  He is currently assigned to the Kansas City Division, Joplin RA.  He has previously been assigned to the Las Vegas Division and to FBI Headquarters in Washington, DC. 

Join us for the Identity Theft Community Seminar on Friday, May 4th from 1:00pm – 2:00pm.   The seminar will be held at Mills Anderson Justice Center Auditorium located on the Missouri Southern State University campus.    Light refreshments will be served.  The seminar is open to all members of the community.  Call (417) 627-8000 for more information.