The Kallhoff Team

Monday, April 22, 2013

Mortgage Rates Move Lower Again, Near Record Lows

MCLEAN, VA--(Marketwired - Apr 18, 2013) - Freddie Mac(OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower this week amid data showing weaker consumer spending. This marks the third consecutive week fixed-rate mortgages have moved lower as the housing market continues to recover.

News Facts

30-year fixed-rate mortgage (FRM) averaged 3.41 percent with an average 0.7 point for the week ending April 18, 2013, down from last week when it averaged 3.43 percent. Last year at this time, the 30-year FRM averaged 3.90 percent.

15-year FRM this week averaged 2.64 percent with an average 0.7 point, down from last week when it averaged 2.65 percent. A year ago at this time, the 15-year FRM averaged 3.13 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.60 percent this week with an average 0.5 point, down from last week when it averaged 2.62 percent. A year ago, the 5-year ARM averaged 2.78 percent.

1-year Treasury-indexed ARM averaged 2.63 percent this week with an average 0.4 point, up from last week when it averaged 2.62 percent. At this time last year, the 1-year ARM averaged 2.81 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.

QuotesAttributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

"Mortgage rates nudged lower this week as consumer spending showed signs of weakness. Retail sales contracted for the second time in three months, falling 0.4 percent in March. In addition, the University of Michigan reported their Consumer Sentiment Index dropped 6.3 points in April to settle at 72.3, its lowest level since July. The April reading snapped a streak of three consecutive gains."

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing.

Source: Freddie Mac

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Friday, April 19, 2013

Nationwide Open House Happening This Weekend

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 19, 2013

With the housing recovery heating up and spring selling season in full swing, housing experts are expecting big crowds at open houses that will be held coast to coast this weekend.

The Nationwide Open House, April 20-21, sponsored by the National Association of REALTORS® (NAR), will feature open houses across the country.

Forty-five percent of recent home buyers report they’ve used open houses in their home search as a way to narrow down their choices, according to data from NAR.

Top Producer and realtor.com® have teamed up to help real estate agents get more potential buyers to their open house as well as providing materials to help with follow-up after the open house. Realtor.com® announced that it would post any REALTOR® open house for free on its site and mobile applications. The companies also offer an Open House Productivity package for brokers and agents at topproducer.com/openhouse.

To help prepare for your open house, read 6 Ways to Capture Clients at Open Houses.

By REALTOR® Magazine Daily News

Read More

2013 Nationwide Open House Weekend

http://realtormag.realtor.org/daily-news/2013/04/19/nationwide-open-house-happening-weekend

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Thursday, April 18, 2013

Loan Demand Picks Up Steam

DAILY REAL ESTATE NEWS | WEDNESDAY, APRIL 17, 2013

Mortgage applications rose 5 percent last week as mortgage rates declined, the Mortgage Bankers Association reported in its weekly mortgage market survey for the week ending April 12, which was released Wednesday.

Applications for refinancings, which make up the biggest bulk of the index, rose 5 percent, reaching its highest level since mid-January.

Meanwhile, mortgage applications for home purchases, viewed as a leading indicator of future home sales, ticked up 4 percent for the week, reaching its highest level since May 2010.

MBA reported 30-year fixed-rate mortgages, which are the most popular choice among home buyers, saw rates drop slightly last week averaging 3.67 percent, compared to 3.68 percent the prior week.

Source: “U.S. Mortgage Applications Rose 5% Last Week - MBA,” The Wall Street Journal (April 17, 2013)

http://realtormag.realtor.org/daily-news/2013/04/17/loan-demand-picks-up-steam

Wednesday, April 17, 2013

5 Ways Sellers Can Prepare for a Home Inspection

DAILY REAL ESTATE NEWS | WEDNESDAY, APRIL 17, 2013

David R. Leopold, owner of Pillar to Post Home Inspection in Fairfield County, Conn., says home sellers and their real estate professionals have an important role in preparing for a home inspection to help ensure it goes smoothly. Leopold offers up some of the following tips in a recent article in RISMedia, including:

1. Don’t hide what isn’t working: If an appliance isn’t working, leave a note that indicates what isn’t working and how you’re getting it fixed. Don’t try to conceal defects because it can make the inspector start to view you as dishonest and wonder what else you’re hiding.

2. Make things accessible: Ensure the location of the attic and crawlspace are identified and easy to access. Don’t make a home inspector move your belongings in order to gain access.

3. Check the lightbulbs: If a lightbulb isn’t working, the inspector will need to determine if the fixture is inoperable. Save them time by making sure all the lightbulbs in the home operate, including those in the crawlspace, attic, and furnace rooms.

4. Note septic systems: If you have a septic system in the yard, be sure to leave a sketch that includes the location of it. It’ll avoid home inspectors, buyers, and real estate professionals having to conduct prolonged searches for it, Leopold says.

5. Keep appliances clear: Don’t leave dirty laundry in the washing machine or dryer because the inspector will need to test the appliances, and he doesn’t want to have to pull out dirty clothes in front of everybody, Leopold says. “Also, make sure your oven and stovetop are clear and clean, so we can easily test them without setting off the smoke alarm,” he adds.

Source: “Ask the Experts: What Should Home Sellers Do to Prepare for a Home Inspection?” RISMedia (April 16, 2013)

http://realtormag.realtor.org/daily-news/2013/04/17/5-ways-sellers-can-prepare-for-home-inspection

Tuesday, April 16, 2013

7 Housing Markets That Are Roaring Back

DAILY REAL ESTATE NEWS | TUESDAY, APRIL 16, 2013

The latest FNC Residential Price Index, an index created for the mortgage industry, recorded a 28-month high for home prices in February, the most recent data available. The index increased 6.1 percent — the fastest rate it's grown since July 2006.

The index shows the strongest price momentum is occurring in Phoenix, where prices have surged nearly 30 percent in the past year.

“The city’s rapid price climb is attributable to active investment purchase of distressed properties that has pushed up overall home prices,” according to FNC.

Many of the hardest-hit markets during the housing crash are showing some of the strongest comebacks. The following housing markets have posted double-digit price gains in percentages year-over-year, February 2013 versus February 2012, according to FNC.

1. Phoenix: 29.3 percent

2. Las Vegas: 14.5 percent

3. Detroit: 13.1 percent

4. San Francisco: 12.3 percent

5. Denver: 11.3 percent

6. Sacramento: 10.8 percent

7. San Diego: 10.6 percent

Source: FNC Residential Price Index