Average Sales Price Continues To Rise
- Jun
- 14
The average sales price in the Lake Norman area went up for the second straight month to $503,223. The average sales price at this time last year was $414,115. Thats an increase of 21.5% from 2010! The year to date average sales price is up 4.5% to $426,230.
The median sales price also increased for the eighth month in a row to $350,000. The median sales price at this time last year was $322,000. Thats an increase of 8.7% from 2010. The year to date average median home price is up 12.3% to $328,500.
The inventory of homes for sale is down 13.4% from this time last year.
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read moreBuyers Better Hurry: Rates Reach New Lows
- Jun
- 02
For the sixth straight week, fixed mortgage rates inched down, reaching new lows for 2011. The 30-year fixed-rate mortgage averaged 4.60 percent this week while the 15-year mortgage averaged 3.78 percent, Freddie Mac reports in its weekly mortgage market survey.
Meanwhile, the National Association of Home Builders reported this week that home affordability reached its highest level in 20 years, making the purchasing power for home buyers even better during this traditionally prime buying season.
Here’s a closer look at mortgage rates:
- 30-year, fixed-rate mortgage: Averaging 4.60 percent this week, it was down slightly from last week’s 4.61 percent average. Last year at this time, 30-year rates averaged 4.84 percent. The 30-year fixed rate mortgage hasn’t been under this week’s 4.60 percent average since early December 2010 when it fell to 4.46 percent.
- 15-year, fixed-rate mortgage: Averaging 3.78 percent this week, it also was down from last week’s 3.80 percent average. Last year at this time, the 15-year fixed-rate mortgage averaged 4.21 percent. It has not been under this week’s 3.78 percent average since late November 2010 when it fell to 3.77 percent.
- 5-year adjustable-rate mortgage: Averaging 3.41 percent this week, it was down from last week’s 3.48 percent average. A year ago at this time, the 5-year ARM averaged 3.97 percent.
Source: “Fixed Mortgage Rates Continue to Find New Lows,” Freddie Mac (May 26, 2011)
read more100% USDA Loans Are Available Again!
- Oct
- 29
Funding for USDA 100% financing ran out a few months ago. But, it’s back!
It is official as of today….the rural housing mortgage program from the United States Department of Agriculture (USDA) is back. Yes, the same people that certify our beef at the grocery store offer a mortgage program. (more…)
read moreHome Ownership Still The Core of The American Dream
- Oct
- 11
