Posts Tagged ‘Association Of Realtors’
Mortgage rates hit low of 4.49%
Mortgage rates dropped to the lowest level in decades for the sixth time in seven weeks, offering the most attractive opportunity for those who qualify to refinance or purchase a home. Government-controlled mortgage buyer Freddie Mac said Thursday that the average rate for 30-year fixed loans this week was 4.49 percent, down from 4.54 percent last week. That’s the lowest since Freddie Mac began tracking rates in 1971. The average rate on the 15-year fixed loan dropped to 3.95 percent, down from 4 percent last week and the lowest on record. Rates have fallen since spring as investors seek the safety of U.S. Treasury bonds. That has lowered the yield on Treasurys. Mortgage rates tend to track those yields. The last time home loan rates were lower was during the 1950s, when most mortgages lasted just 20 or 25 years. Low rates have sparked some activity in the weak housing market, but not a massive boom in refinancing. Applications to refinance loans increased 1.3 percent and those to purchase homes increased 1.5 percent, according to the Mortgage Bankers Association. Nevertheless, high unemployment, slow job growth and tight credit have made it difficult for many to purchase homes. The housing industry received a boost this spring when the government offered homebuying tax credits, but housing activity has plummeted since they expired in April. The number of buyers who signed contracts to purchase homes plunged in June to the lowest level on records dating back to 2001, according to the National Association of Realtors. To calculate the national average, Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day. Rates on five-year adjustable-rate mortgages averaged 3.63 percent, down from 3.76 percent a week earlier. Rates on one-year adjustable-rate mortgages fell to an average of 3.55 percent from 3.64 percent. The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 a point for all loans. Copyright © 2010 The Associated Press, Alan Zibel, AP real estate writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Predicting Home Prices a Perilous Prospect
Don't be fooled by the little uptick in home prices in today's Existing Home Sales report from the National Association of Realtors. That was the message from the Realtors themselves!
Congress extends homebuyer tax credit and flood insurance
The U.S. Senate passed two bills last evening previously passed by the House. Both bills still need President Obama's signature to become law, but that's expected to happen quickly. Homebuyer tax credit The Senate passed HR 5623, which extends the mandatory closing date to qualify for the homebuyer tax credit. The contract deadline does not change - homebuyers must have a contract signed by April 30, 2010 (an exception for active duty military) - but the previous closing deadline of June 30, 2010, has been extended to Sept. 30, 2010. The National Association of Realtors estimates that the approved bill will benefit more than 14,000 deals in Florida. National Flood Insurance Program Congress once again reauthorized a short-term extension for the National Flood Insurance Program to Sept. 30, 2010. The bill, HR 5569, makes the program retroactive to May 31, 2010, the date the program went on hiatus.
House Logic Articles
What You Must Know About Home Appraisals Understanding how appraisals work will help you achieve a quick and profitable refinance or sale. Read 7 Homeowner Tax Advantages When you’re evaluating how much home you can afford, make sure you factor in the tax advantages of homeownership. Read 7 Tips for Improving Your Credit Here’s how to clean up your credit so you get the least-expensive home loan possible. Read Visit houselogic.com for more articles like this. Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Housing Double Dip a Done Deal
Everybody take a nice long look at today's Pending Home Sales Index from the National Association of Realtors, because it's just about the last positive picture we're going to see for a while.
