If you are interested in buying a home this fall, Vera Gibbons published an article on Zillow earlier this month that has some insight to keep in mind as you search:
- Know your market
- Selection is Limited
- There's room to negotiate
- Check Maintainence Areas
Read the full article here to get the full scoop: http://fxn.ws/1612VMM
Fannie Mae sees rates on 30-year loans at 4 percent by end of year
BY INMAN NEWS, THURSDAY, MARCH 28, 2013.
Mortgage rates edged up this week as investors shook off worries about the European debt crisis and remained optimistic about the U.S. economy and prospects for growth.
Rates on 30-year fixed-rate mortgages averaged 3.57 percent with an average 0.8 point for the week ending March 28, up from 3.54 percent last week but down from 3.99 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. Rates on 30-year fixed-rate loans hit a low in Freddie Mac records dating to 1971 of 3.31 percent during the week ending Nov. 21, 2012.
For 15-year fixed-rate mortgages, rates averaged 2.76 percent with an average 0.7 point, up from 2.72 percent last last week but down from 3.23 percent a year ago. Rates on 15-year fixed-rate loans hit a low in Freddie Mac records dating to 1991 of 2.63 percent during the week ending Nov. 21, 2012.
For five-year Treasury-indexed hybrid-rate mortgage (ARM) loans, rates averaged 2.68 percent with an average 0.6 point, up from 2.61 percent last week and down from 2.90 percent a year before. The average rate for last week tied an all-time low in Freddie Mac records dating to 2005 last seen during the week ending Feb. 28.
Rates on one-year Treasury-indexed ARM loans averaged 2.62 percent with an average 0.3 point, virtually unchanged from last week, but down from 2.78 percent a year ago. Rates on one-year ARM loans hit a low in records dating to 1984 of 2.52 percent during the week ending Dec. 20, 2012.
Looking back a week, applications for purchase loans rose a seasonally adjusted 7 percent for the week ending March 22 from the previous week, according to a separate survey by the Mortgage Bankers Association. Demand for purchase loans was up 10 percent from a year ago.
by Carla Hill, Realty Times
According to the latest McGraw-Hill construction SmartMarket Report the share of green homes on the market is expected to grow by leaps and bounds in the next four years.
The report found that 2011’s green home share is expected to be about 17 percent, but that number is predicted to rise to a staggering 29 to 38 percent by 2016.
“In the current residential market, there is an enormous need to differentiate your homes for consumers,” says Harvey Bernstein, Vice President of Industry Insights and Alliances at McGraw-Hill Construction. “When builders are able to offer homes that not only are green, but also offer the combination of higher quality and better value, they have a major competitive edge over those building traditional homes.” Read the full article here>
By Derek Kravitz and Alex Veiga
The Associated Press
WASHINGTON — Five years after the U.S. housing bust sent sales and prices plunging, the spring homebuying season is pointing to a long-awaited recovery.
Reduced prices, record-low mortgage rates, higher rents and an improving job market appear to be emboldening many would-be buyers. Open houses are drawing crowds. A wave of foreclosures is leading investors to grab bargain-priced homes.
And many people seem to have concluded that prices won’t drop much further. In some areas, including King County, house prices have begun to tick up.
“The fear factor is all but gone,” said Mark Prather, a broker at ERA Buy America Real Estate in La Palma, Calif.
Prather says the number of prospective buyers who contacted his company last month was about 35 percent more than a year ago. Read the full article here >>
By Melinda Fulmer of MSN Real Estate
In these cities, demand is high and buyers are pouncing on listings as soon as they hit the market. Many homes are getting multiple offers and selling above list price. How did Seattle rank? Read on to find out!