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Friday, January 2, 2015
Wednesday, January 22, 2014
Friday, May 25, 2012
30-Year Fixed Rate Mortgage Rates Fall To 3.78% Nationwide

For the fifth consecutive week, conforming 30-year fixed rate mortgage rates have dropped to new all-time lows.
According to this week's Primary Mortgage Market Survey from Freddie Mac, "prime" mortgage applicants willing to pay 0.8 discount points plus closing costs can secure a mortgage rate of 3.78%, on average.
This is a small improvement in rate over last week when the average 30-year fixed rate mortgage rate was 3.79% with 0.7 discount points.
1 discount point is equal to 1 percent of your loan size.
Like everything in real estate, though, mortgage rates are local. Freddie Mac reports that the mortgage rates available to consumers varied by region.
- Northeast Region : 3.78% with 0.7 discount points
- West Region : 3.74% with 0.9 discount points
- Southeast Region : 3.79% with 0.7 discount points
- North Central Region : 3.83% with 0.6 discount points
- Southwest Region : 3.81% with 0.7 discount points
North Central Region residents currently pay the lowest fees and get the highest rates. For residents of the West, it's the opposite. Everywhere, however,mortgage rates are down. As compared to one year ago, today's monthly carrying cost for a conforming, 30-year fixed rate mortgage is lower by $50 per $100,000 mortgaged, or $600 per year.
A $300,000 mortgage would save $1,800 annually.
Mortgage rates have been dropping because Wall Street remains concerned for the futures of Greece, Spain, Italy and the European Union. Several European nations are at-risk for a sovereign debt default and Greece remains a threat to leave the EU. To protect against potential loss, investors have been moving money away from risky holdings toward safer ones -- a class that includes U.S. mortgage-backed bonds.
As demand for the bonds rise, prices do, too. This leads mortgage rates lower and so long as economic uncertainty remains, mortgage rates are expected to stay low.
Low mortgage rates make this a good time to buy or refinance a home. Talk to your loan officer to review your mortgage options.
Thursday, May 24, 2012
New Home Sales Rise For 7th Month Out Of 8
The April New Home Sales report suggests that the market for newly-built homes is as strong as the market for existing ones.
According to the U.S. Census Bureau, the number of new homes sold rose 3.3 percent in April to a seasonally-adjusted, annualized 343,000 units sold -- its second-highest reading since April 2010.
April 2010 marked the last month of that year's federal home buyer tax credit program.
April's New Home Sales data also marks the 7th of eight consecutive months during which the number of new homes sold climbed nationwide, a streak unequaled in recent history. During this period, the supply of new homes for sale has dropped 13%.
The complete new home inventory is down to 146,000 homes nationwide.
At the current pace of sales, home buyers in Atlanta and across the county would exhaust the complete supply of newly-built homes in 5.1 months.
This, too, is a significant figure.
When home supplies fall below 6 months of inventory, it's widely believed to indicate a "seller's market" and there hasn't been more than 6 months of a new home supply since October 2011. This has placed upward pressure on new home prices and helps to explain why the average home sale price is up 9% from just 6 months ago.
Homes are selling, and they're rising in price -- a trend that today's buyers should expect to continue through the summer and fall months.
Record-low mortgage rates have moved home affordability to an all-time high with home builders now reporting the highest levels of buyer foot traffic at any time since 2007. As builder confidence grows, buyers can expect to find fewer "great deals" -- especially as demand for homes outpaces supply.
If you're a home buyer in search of new construction, therefore, the best new construction "deals" of 2012 may be the ones you find today. By 2013, the deals may be gone.