Freddie Mac: Mortgage rates hit low for year

Mortgage Rate Trend Index

WASHINGTON – June 11, 2010 – Rates on 30-year fixed mortgages fell this week to the lowest level of the year and barely shy of the all-time low.

Mortgage finance company Freddie Mac says the average rate sank to 4.72 percent, down from 4.79 percent last week. It was just above the record of 4.71 set last December.

The average rate on a 15-year fixed-rate mortgage hit 4.17 percent, down from 4.2 percent last week and the lowest on records dating back to August 1991.

For information regarding real estate on Marco Island visit at www.RealEstateonMarco.com

Lawmakers Consider Home Tax Credit Extension

WASHINGTON – June 11, 2010 – Homebuyers may get an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.

Senate Majority Leader Harry Reid, D-Nev., said Thursday he wants to give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

The proposal would only allow people who already have signed contracts to finish at the later date. The National Association of Realtors estimates that about 180,000 homebuyers who already signed purchase agreements are likely to miss the deadline.

Marco Island Academy Update

The Marco Island Academy has had an huge interest and would like to build the new school on the Tract K site. The Board of directors is no longer considering the YMCA for their location. The new high school anticipates about 200 students the first year.

For more information visit their website at www.marcoislandacademy.com.

Conservation Collier may rescue Tract K on Marco Island

An application to have the 11.6 acres known as Tract K was submitted to the Conservation Collier's Land Acquisition Advisory Committee.  It will be reviewed to determine if the property meets the programs goals and criteria for acceptance.  For more information refer to the Marco Island Sun Times.

April Home Sales Jump

The Commerce Department says sales of new single-family homes rose 14.8 percent to a seasonally adjusted annual rate of 504,000 units after buyers raced to secure an expiring tax credit. That follows a 29.8 percent rise in March that was the biggest increase in 47 years. The latest gain is well ahead of estimates.

Marco Island Youth Summer Programs

The city of Marco Parks and Recreation and the Greater Marco YMCA are both offering summer programs for children of all ages. 

The YMCA is offering a 10 week camp starting June 14 for ages 6-11 and is offering Martial Arts, theater camp, and guitar camp as some of their options.

The City of Marco Parks and Recreation starts June 11 for ages 6-11.  For ages 8-13 they are offering Junior chefs camp where the kids will be baking and creating pastries.

For more information call 239-642-0575.

Mortgage rates stay above 5%

McLEAN, Va. (AP) – April 30, 2010 – Average rates for 30-year fixed mortgages slipped this week, but stayed above 5 percent for the fifth straight week, Freddie Mac said Thursday.

The average rate for 30-year fixed-rate mortgages was 5.06 percent this week.

The last time rates for 30-year fixed mortgages averaged less than 5 percent was the week of March 25, when they were 4.99 percent.

This week, the average rate on a 15-year fixed-rate mortgage was 4.39 percent, unchanged from last week.

Rates on five-year, adjustable-rate mortgages averaged 4 percent, down from 4.03 percent a week earlier. Rates on one-year, adjustable-rate mortgages rose to 4.25 percent from 4.22 percent.

For more information on Real Estate on Marco Island visit by website at http://www.realestateonmarco.com/ .