Low Mortgage Rates Are Lingering

DAILY REAL ESTATE NEWS | FRIDAY, SEPTEMBER 12, 2014

The average percentage rates for fixed-rate mortgages inched up slightly this week, but continue to hover near yearly lows.

Mortgage Rates' Impact:

• These Analysts Are Still Bullish on Housing
• Economists Grow More Optimistic About Housing's Outlook
• Understanding and Combatting the Rate Lock-in Threat

Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 11:

• 30-year fixed-rate mortgages: averaged 4.12 percent, with an average 0.5 point, up slightly from last week’s 4.10 percent average. Last year at this time, 30-year fixed-rate mortgages averaged 4.57 percent.
• 15-year fixed-rate mortgages: averaged 3.26 percent, with an average 0.5, rising from last week’s 3.24 percent average. A year ago, 15-year fixed-rate mortgages averaged 3.59 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.99 percent, with an average 0.5 point, rising from last week’s 2.97 percent average. Last year at this time, 5-year ARMs averaged 3.22 percent.
• 1-year ARMs: averaged 2.45 percent, with an average 0.4 point, rising from last week’s 2.40 percent average. A year ago, 1-year ARMs averaged 2.67 percent.

Source: Freddie Mac

http://realtormag.realtor.org/daily-news/2014/09/12/low-mortgage-rates-are-lingering

www.RebeccaSellsAZ.com

4 Reasons Why Buyers Should Be Happy

DAILY REAL ESTATE NEWS | MONDAY, JUNE 30, 2014

Home shoppers may find there’s good reason to breathe a sigh of relief this summer, according to the real estate brokerage Redfin. They pointed to higher inventories, fewer bidding wars, and slowing home prices as welcoming signs for home buyers this year.

Find out what buyers want most, region by region.

In particular, home buyers this summer are finding:

1. More options: Inventories of existing-homes are 6 percent higher than year-ago levels—currently representing a 5.6-month supply at the current sales pace, according to May housing data from the National Association of REALTORS®. The higher inventory levels of homes for-sale means that buyers have more choices this summer.
2. Less competition: As inventories rise, buyers also are facing fewer bidding wars. Bidding wars are down by double-digit margins in many markets this year, according to Redfin, which conducts anannual bidding war report. In March, 63.4 percent of offers written by Redfin agents across 19 markets faced competition from other buyers, down from a bidding war peak of 73.4 percent a year prior, according to Redfin’s report.
3. Price rises are slowing: The median existing-home price for all housing types in May was $213,400—a 5.1 percent rise above May 2013, NAR reports. Home prices rose by double-digits last year. In 2013, home prices rose 11.5 percent over 2012, according to NAR. “Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” Lawrence Yun, NAR’s chief economist.
4. Low borrowing costs: Mortgage rates are averaging about 4.1 percent, less than half the historical average of a 30-year fixed-rate mortgage, which is 8.7 percent, Redfin reports. “For a $500,000 house, this is worth more than $500 a month in mortgage payments,” savings, Redfin notes on its blog.

Source: “4 Reasons Why Homebuyers Can Breathe a Sigh of Relief,” Redfin blog (June 27, 2014)

http://realtormag.realtor.org/daily-news/2014/06/30/4-reasons-why-buyers-should-be-happy

www.RebeccaSellsAZ.com

10 States Ready for the New Economy

DAILY REAL ESTATE NEWS | MONDAY, JUNE 23, 2014

Which states are poised to fare the best in the “new economy?” According to the Information Technology and Innovation Foundation (ITIF), the “new economy” is marked by “globalization, technological innovation, and entrepreneurial development.” And often, booming economies lead to booming housing markets.

Find out how Fannie Mae seesthe "new normal" for the housing industry.

To determine a state's potential success in the new economy, ITIF used 25 indicators among five categories (knowledge jobs, globalization, economic dynamism, the digital economy, and innovation capacity). The following 10 states were at the top of ITIF’s list:

1. Massachusetts
2. Delaware
3. California
4. Washington
5. Maryland
6. Colorado
7. Virginia
8. Connecticut
9. Utah
10. New Jersey

Source: “The Best and Worst States for the New Economy,” Forbes.com (June 17, 2014)

http://realtormag.realtor.org/daily-news/2014/06/23/10-states-ready-for-new-economy

www.RebeccaSellsAZ.com