Blog Archives
Property Values Soar
- Jul
- 31
Lake Norman real estate values on the rise!
Property values are on the rise and intrest rates have been on the rise as well. All of this leads to lower affordability and higher monthly payments. If you are in the market for a new home contact The Lake Norman Homes Team now @ 866-LakeNorman (525-3667) while rates are still great and home prices are still reasonable.
[table id=1 /]
read moreMortgage Rates Cool Off
- Jul
- 25
Freddie Mac recently released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates easing along with market concerns over the Federal Reserve's bond purchase program.
The 30-year fixed-rate mortgage (FRM) averaged 4.37 percent with an average 0.7 point for the week ending July 18, 2013, down from last week when it averaged 4.51 percent. Last year at this time, the 30-year FRM averaged 3.53 percent.
- 15-year FRM this week averaged 3.41 percent with an average 0.7 point, down from last week when it averaged 3.53 percent. A year ago at this time, the 15-year FRM averaged 2.83 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent this week with an average 0.6 point, down from last week when it averaged 3.26 percent. A year ago, the 5-year ARM averaged 2.69 percent.
- 1-year Treasury-indexed ARM averaged 2.66 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.69 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
"Fixed mortgage rates fell as Federal Reserve (Fed) Chairman Bernanke helped ease market concerns about the Fed reducing its bond purchases. During a question and answer session following a speech on July 10th, Chairman Bernanke indicated that a highly accommodative monetary policy is what's needed in the U.S. Economy,” says Frank Nothaft, vice president and chief economist, Freddie Mac.
"Indications of a slowing in the economic recovery also placed downward pressure on mortgage rates. Consumer sentiment fell to a three month low in July while retail sales in June grew by only 0.4 percent, which was half of the market consensus forecast. In addition, housing starts fell in June to the slowest pace since August 2012."
For more information, visit www.FreddieMac.com.
Mike Spruell
Realtor®/Broker/ePRO
The Lake Norman Homes Team
Southern Homes Elite
www.LakeNormanRealEstate.pro
866-LakeNorman
704-907-7907
Reprinted with permission from RISMedia. ©2013. All rights reserved.
read moreHousing Affordability Index Hits Record High
- Mar
- 09
Housing affordability conditions have reached the highest level since record keeping began in 1970, according to the National Association of REALTORS®.
NAR’s Housing Affordability Index rose to a record high 206.1 in January, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power.
An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent downpayment and 25 percent of gross income devoted to mortgage principal and interest payments. For first-time buyers making small downpayments, the affordability levels are relatively lower.
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, says this latest data underscores buyer opportunities in today’s market. “This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home,” he said. “For buyers who can qualify for a mortgage, now is a very good time to become a homeowner.”
NAR projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates or home prices during the year. “Housing inventory levels have declined to a point where conditions are becoming much more balanced in much of the country,” Veissi said. “If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth.”
For more information, visit www.realtor.org.
Mike Spruell
Realtor®/Broker/ePRO
The Lake Norman Homes Team
Keller Williams Realty
www.LakeNormanRealEstate.pro
866-LakeNorman
704-907-7907
Buyers 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 moreCategories
- Boat Slip Communities
- Catawba Foreclosures
- Condo Foreclosures
- Cornelius Foreclosures
- Cornelius Real Estate
- Denver Foreclosures
- Denver Real Estate
- Featured Foreclosures
- Featured Listings
- Financing
- Foreclosure Market
- Gated Communities
- Golf Communities
- Home Buyers Blog
- Home Sellers Blog
- Huntersville Foreclosures
- Lake Access Communities
- Lake Norman Foreclosures
- Lake Norman Real Estate
- Market Updates
- Mooresville Foreclosures
- Mooresville Real Estate
- Sherrills Ford Foreclosures
- Statesville Foreclosures
- Swimming Pool Communities
- Tennis Court Communities
- Troutman Foreclosures
- Uncategorized
- Waterfront Condos
- Waterfront Foreclosures
- Waterfront Homes
- Waterfront Market
- Waterlynn Townhomes
Recent Posts
- Lake Norman Waterfront Condos
- Lake Norman Waterfront Homes For Sale
- March Home Prices Continue to Rise
- Americans Agree: Real Estate Best Long-Term Investment
- Q: Where Can You Find Fixer-Uppers?
Recent Comments
- on Fixed Mortgage Rates Near Seven-Month Low
- on Lake Norman Foreclosure Real Estate Market Update December 2011
- on Lake Norman Foreclosure Real Estate Market Update December 2011
- on Lake Norman Real Estate Market Update August 2011
- on Lake Norman Waterfront Condos For Sale
