Mortgage Rates Reach 2011 Low

According to Freddie Mac, the 30-year fixed-rate mortgage – a popular choice among buyers – dropped for the fourth consecutive week to 4.63 percent. This is the lowest the 30-year rate has been this year.

These falling rates have resulted in an increased number of mortgage applications being filed. The Mortgage Bankers Association reports that applications have increased 8.2 percent this week compared to the prior week.

With mortgage rates hitting a yearly low, now is a fantastic time to purchase a home! Contact one of our agents for more information.

Source: REALTOR® Magazine | Full Article

Report: Mortgage Rates on the Rise This Week

According to REALTOR® Magazine, mortgage rates are once again on the rise for the fourth consecutive week. Still, despite the slow increase, rates remain just below 5 percent, equaling affordability for buyers.

Frank Nothaft, chief economist for Freddie Mac, also noted that consumer purchases rose for the ninth straight month, indicating a potentially positive upswing for the economic recovery.

Below are the most current mortgage rates for the week:

• 30-year fixed-rate mortgages: averaged 4.91 percent, up from last week’s 4.87 percent. Last year at this time, 30-year rates averaged 5.07 percent.
• 15-year fixed-rate mortgages: averaged 4.13 percent, up from last week’s 4.10 percent average. Last year, 15-year rates averaged 4.40 percent at this time.
• 5-year adjustable-rate mortgage: averaged 3.78 percent, an increase from last week’s 3.72 percent average.

For more information on the real estate market, contact us today!

Source: REALTOR® Magazine | Full Article

Rise in February Pending Home Sales

According to the National Association of REALTORS®, pending home sales increased in February with notable regional variations.

The numbers are based off of the Pending Home Sales Index, a forward-looking indicator.

February hit 90.8 percent, up from 88.9 in January.

Although this month-to-month trend is promising, NAR Chief Economist Lawrence Yun said that it is more important to look at the broader trend for housing recovery.

“Month-to-month movements can be instructive, but in this uneven recovery it’s important to look at the longer term performance. Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines.”

- Lawrence Yun, NAR Chief Economist

Yun also said we may not see notable gains in existing home sales in the near-term. However, numbers are expected to rise 5 to 10 percent this year with the economic recovery, job creation, and excellent affordability rasing buyer confidence.

Interested in buying or selling your home? Contact us today for more information!

Source: REALTOR® Magazine | Full Story

Winter Months Offer a Great Time To Buy or Sell

Although it is not the busiest time of year for the real estate market, winter can be a great time to buy or sell a home. This is due in large part to the market shrinking during the cold, snowy months.

With fewer buyers and sellers actively seeking to move real estate, winter offers a much less competitive landscape, resulting in more flexible sellers and better deals available for buyers.

The obstacles associated with winter, including a decreased curb appeal, slippery sidewalks, and an overabundance of snow are still present; however, when buyers make their way out to a showing in spite of these obstacles, you can be sure they are serious about purchasing a home.

For more information about buying or selling a home, please contact us.

Source: REALTOR® Magazine | Full Article

Thinking of Remodeling? You May Want to Think Again

A recent CNN Money article reveals only 60% of remodeling costs in 2010 will be recouped by homeowners, a number down from its 2009 counterpart.

With the return on investment being lower this year, it is more important than ever that sellers put their money into the right place if they do decide to remodel. NAR Chief Economist Lawrence Yun suggests sellers focus their efforts on their home’s exterior.

“In today’s buyers market, given the large inventory, where people have so much selection, it’s important to have the exterior catch the eye so they’re willing to step inside.”

~ Lawrence Yun

 The article also outlines several steps homeowners can take to spruce up their homes in a cost-effective manner. See the link below for full details. For more information on buying or selling your home, please contact us!

Source: CNN Money | Full Article