May’s “This Month in Real Estate” video has been released. This month’s top story focuses on the positive effects staging can have on the sale of a home. Of particular note, KW research finds that $250 spent on staging for a $200,000 home can result in the home selling for a 2 percent higher sales price. For the complete story and more, click the “Play” button below.
For more information on staging and how it can lead to the sale of your home, contact us today!
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!
According to the Mortgage Bankers Association, mortgage applications rose to the highest level of the year last week. Overall, applications increased 15.5 percent, reaching the highest point they have been since May 2010.
“An improving job market is beginning to pave the way for an improving housing market,” said Michael Fratantoni, MBA’s vice president of research and economics. “Additionally, mortgage interest rates remained below 5 percent for a second week, maintaining affordability for buyers and leading to an increase in refinance applications.”
Are you looking to take advantage of low mortgage rates? Contact us today for more information!