This beautiful piece of Red Bluff real estate is located right on the Sacramento River in a senior park. A 2 bed 2 bath manufactured including upgrades such as newer heat and air installed in 2002, covered parking, and covered front deck. Located in Red Bluff, Tehama County, Northern California.
Tehama County Mortgage rates rose earlier in the week as inflation fears resurfaced with oil prices hitting over $100 per barrel. Rates have eased slightly since then as oil prices are now below $100 and the Federal Reserve Board released its minutes from its last meeting showing that they are concerned about economic weakness and implied that more rate cuts may be coming. They also revised their outlook downward for this year, leading to further speculation that the economy may be heading for a recession.Conforming 30 year fixed is at 6% with one point (6.25% with no points) and Jumbo is at 6.75% with one point (7% with no points)
Since President Bush signed the Economic Stimulus Package into law last week, we are wating for HUD to set the median area housing prices. Our conforming limit will be 125% of that. After that, we wait for the banks to set the guidelines for those new limits. We expect to see the changes take effect in the March to April timeframe.
The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.
The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets.
The Committee expects inflation to moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully.
Appreciable downside risks to growth remain. The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Charles L. Evans; Thomas M. Hoenig; Donald L. Kohn; Randall S. Kroszner; Eric S. Rosengren; and Kevin M. Warsh. Voting against was William Poole, who did not believe that current conditions justified policy action before the regularly scheduled meeting next week. Absent and not voting was Frederic S. Mishkin.
In a related action, the Board of Governors approved a 75-basis-point decrease in the discount rate to 4 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Chicago and Minneapolis.