December
5, 2012 - Freddie Mac's weekly survey of average mortgage rates saw 30
year fixed rate mortgage loans at 3.34% and .7 discount points.
Average 15 year rates were 2.67% and .6 discount points.
Friday, December 28, 2012
Home Mortgage Information
Washington, D.C. (December 5, 2012) - Mortgage applications increased 4.5% from the previous week,
according to data from the Mortgage Bankers Association's (MBA) Weekly
Mortgage Applications Survey for the week ending November 30, 2012.
If you would like more information on real estate on Marco Island, please give me a call at 239-404-7471. We have beachfront condos as well as single family homes. Visit my website for a list of properties for sale.
Monday, December 24, 2012
No pressure on mortgage rates as Fed continues easing
Mortgage rates remained at or near record lows this week as the Federal Reserve signaled that measures designed to keep a lid on interest rates will remain in place for some time to come.
Rates on 30-year fixed-rate mortgages averaged 3.32 percent with an average 0.7 point for the week ending Dec. 13, down from 3.34 percent last week and 3.94 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.
For 15-year fixed-rate mortgages, rates averaged 2.66 percent with an average 0.6 point, down from 2.67 percent last week and 3.21 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.
Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.7 percent with an average 0.6 point, up from 2.69 percent last week but down from 2.86 percent a year ago. Rates on five-year ARM loans hit a low in records dating to 2005 of 2.69 percent during the week ending Dec. 6.
For one-year Treasury-indexed ARM loans, rates averaged 2.53 percent with an average 0.5 point, down from 2.55 percent last week and 2.81 percent a year ago. That's a new low in Freddie Mac records dating to 1984.
Looking back a week, a separate survey by the Mortgage Bankers Association showed demand for purchase loans increasing for a fifth week in a row, to a level 9 percent greater than a year ago. But applications to refinance still accounted for 84 percent of all mortgage applications.
Information provide from Inman News December 13, 2012
Rates on 30-year fixed-rate mortgages averaged 3.32 percent with an average 0.7 point for the week ending Dec. 13, down from 3.34 percent last week and 3.94 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.
For 15-year fixed-rate mortgages, rates averaged 2.66 percent with an average 0.6 point, down from 2.67 percent last week and 3.21 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.
Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.7 percent with an average 0.6 point, up from 2.69 percent last week but down from 2.86 percent a year ago. Rates on five-year ARM loans hit a low in records dating to 2005 of 2.69 percent during the week ending Dec. 6.
For one-year Treasury-indexed ARM loans, rates averaged 2.53 percent with an average 0.5 point, down from 2.55 percent last week and 2.81 percent a year ago. That's a new low in Freddie Mac records dating to 1984.
Looking back a week, a separate survey by the Mortgage Bankers Association showed demand for purchase loans increasing for a fifth week in a row, to a level 9 percent greater than a year ago. But applications to refinance still accounted for 84 percent of all mortgage applications.
Information provide from Inman News December 13, 2012
Fannie Mae: Housing market 'has turned the corner'
Despite lower expectations for the economy's progress as a whole this quarter, home sale and price trends suggest housing finally represents "a tailwind to growth," according to a monthly economic outlook released today by Fannie Mae's Economic & Strategic Research Group.
"The housing market has turned the corner and a sustained recovery is under way," the report said, despite some significant challenges that remain ahead, including tight lending conditions, uncertainty surrounding mortgage regulations, and the fiscal cliff.
Home prices have seen strengthening year-over-year gains over the last several months and prices are expected to end the year on a positive note for the first time in six years, Fannie Mae economists said.
They projected the median price of an existing home would rise 4.2 percent on an annual basis in 2012, to $173,000. They expected the median price of a new home to increase 4 percent, to $236,000. Fannie Mae is projecting that median prices of both new and existing homes will rise an additional 1.7 percent in 2013.
Existing-home sales, new-home sales and single-family housing starts are expected to see substantial increases from last year. Fannie Mae predicts each will rise 9.6 percent, 19.5 percent and 25.7 percent, respectively, in 2012 compared to 2011. The mortgage giant expects further improvement next year with increases of 6.4 percent, 21.9 percent and 22.4 percent, respectively.
After falling to record lows this year, mortgage rates are expected to fall even further next year, boosting housing demand. Rates for a 30-year fixed-rate mortgage are projected to average 3.7 percent this year and decline to 3.4 percent in 2013 as a result of the Federal Reserve's continued efforts to keep a lid on interest rates.
For information on Marco Island Real Estate contact me at 239-404-7471 or visit my website at www.RealEstateonMarco.com
"The housing market has turned the corner and a sustained recovery is under way," the report said, despite some significant challenges that remain ahead, including tight lending conditions, uncertainty surrounding mortgage regulations, and the fiscal cliff.
Home prices have seen strengthening year-over-year gains over the last several months and prices are expected to end the year on a positive note for the first time in six years, Fannie Mae economists said.
They projected the median price of an existing home would rise 4.2 percent on an annual basis in 2012, to $173,000. They expected the median price of a new home to increase 4 percent, to $236,000. Fannie Mae is projecting that median prices of both new and existing homes will rise an additional 1.7 percent in 2013.
Existing-home sales, new-home sales and single-family housing starts are expected to see substantial increases from last year. Fannie Mae predicts each will rise 9.6 percent, 19.5 percent and 25.7 percent, respectively, in 2012 compared to 2011. The mortgage giant expects further improvement next year with increases of 6.4 percent, 21.9 percent and 22.4 percent, respectively.
After falling to record lows this year, mortgage rates are expected to fall even further next year, boosting housing demand. Rates for a 30-year fixed-rate mortgage are projected to average 3.7 percent this year and decline to 3.4 percent in 2013 as a result of the Federal Reserve's continued efforts to keep a lid on interest rates.
For information on Marco Island Real Estate contact me at 239-404-7471 or visit my website at www.RealEstateonMarco.com
Monday, December 17, 2012
Marco Island Real Estate Sales Statistics for November 2012
Marco Island Sales Statistics for November 2012
PENDING SALES:
SOLD:
AVERAGE SALE PRICE:
Year 2012 vs 2011
NEW LISTINGS:
Single Family 65 55
Condominiums 75 78
Lots 26 29
Condominiums 75 78
Lots 26 29
ACTIVE LISTINGS:
Single Family 317 402
Condominiums 528 681
Lots 266 342
Condominiums 528 681
Lots 266 342
PENDING SALES:
Single Family 33 31
Condominiums 47 32
Lots 14 14
SOLD:
Single Family 28 19
Condominiums 42 23
Lots 14 7
AVERAGE SALE PRICE:
Single Family $ 677,804 $545,555
Condominiums $477,188 $334,720
Lots $219,036 $134,529
The market is stable and we anticipate a strong sales season through the winter months. Call me at 239-404-7471 or visit my website for real estate information.
Monday, December 3, 2012
New tax implications for Short Sales
How the Federal Mortgage Forgiveness Debt Relief Act affects homeowners facing Short Sales
For the past five years, homeowners whose banks have forgiven unpaid mortgage debt after a short-sale principal reduction or foreclosure have not counted that money as income on their tax returns. The federal Mortgage Forgiveness Debt Relief Act could expire January 1, 2013 meaning borrowers may be faced with big IRS bills after losing their home if the sale happens after January 1, 2013.
Attorneys general from all over the United States are pushing for an extension of the act.
“If the act expires, you will be asking people to pay cash on an income they never received and with cash they don’t have,” says John DiBiase, communications director for the National Association of Realtors®’ government affairs office. “I think that is well-understood, especially by members of the Florida delegation.”
Subscribe to:
Posts (Atom)
