30-Year Fixed Mortgage Rate Hits All-Time Low

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.73 percent, down from 3.81 percent at this same time last week. Read more

Real Estate Outlook: Home Prices Fall

Home prices were on the downswing in the third quarter, according to the latest report from both the Case-Shiller Index and the Federal Housing Finance Agency.

The indices found that while levels were below third quarter 2010 numbers and the annual rate of decline for the last quarter range from 3.6 to 3.9 percent.

“Home prices drifted lower in September and the third quarter,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “The National Index was down 3.9% versus the third quarter of 2010 and up only 0.1% from the previous quarter. Three cities posted new index lows in September 2011 – Atlanta, Las Vegas and Phoenix. Seventeen of the 20 cities and both Composites were down for the month. Over the last year home prices in most cities drifted lower. The plunging collapse of prices seen in 2007-2009 seems to be behind us. Any chance for a sustained recovery will probably need a stronger economy.” Read more

Survey Reveals Why Buyers Are Waiting on Sidelines

Twenty-seven percent of Americans say they plan to buy a home in the future (with most saying in two or more years), and only two percent say they plan to purchase a home in the next 12 months, according to a new Move Inc. survey of 1,000 American adults. So why are so many buyers continuing to wait on the sidelines when home affordability is high and interest rates are at or hovering near record lows?

About 23 percent of those surveyed say they are delaying buying a home because they are concerned about the real estate market in their local area, particularly with concerns over the future of home values, the economy and jobs, as well as difficulty in saving for a down payment. Read more

Boomers More Willing to Help Kids With Down Payments

Two-thirds of baby boomers say they want to help their children or grandchildren with a home down payment, according to a study of more than 1,000 baby boomers age 45 and up conducted by Meredith Research Solutions for Better Homes and Gardens Real Estate.

In fact, one in five boomers surveyed say they’ve already loaned their children money, cosigned a mortgage, or given a cash gift for a down payment on a home.

Even baby boomers not considered wealthy are willing to offer help on down payments. While baby boomers who make more than $75,000 a year were found to be the most willing to offer help, 46 percent of baby boomers who make less than $75,000 per year say they also plan to help their child with a future home purchase, according to the survey. Read more

Five Great Things about Homeownership

If you’ve been on the fence about homeownership, now is the time to take a leap! Don’t let the negative press deter you from one of life’s greatest joys.

Take a look at five short and sweet reasons that homeownership is great! Read more

First-time Home Buyers Haven’t Vanished

First-time home buyers are snagging up homes at much the same pace they were before the first-time home buyers tax credit created a buying frenzy two years ago. Indeed, for the first seven months of this year first-time home buyers have made up 32 to 36 percent of the market, according to NATIONAL ASSOCIATION OF REALTORS® statistics.

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Mortgage rates hit record low: 30-year fixed nears 4%

NEW YORK (CNNMoney) — Mortgage rates hit yet another record low this week amid ongoing economic concerns both at home and in Europe.

The average rate for a 30-year, fixed-rate loan fell to 4.09% this week, its lowest level in 60 years, according to mortgage giant Freddie Mac. Last week, the 30-year fixed averaged 4.12%. The average rate for a 15-year fixed mortgage — a popular option among those who wish to refinance — sunk to 3.30%, down from 3.33% last week, Freddie reported.

“Continued investor concerns over the state of the European debt markets kept U.S. Treasury bond yields low and allowed mortgage rates to ease once more this week,” said Frank Nothaft, vice president and chief economist, Freddie Mac in a statement.

The low rates have done little to boost the beleaguered housing market, however. While mortgage applications increased 6.3% last week, only 23% of applicants intended to use the loan to buy a home, according to a weekly mortgage survey from the Mortgage Bankers Association. The remainder of applicants were homeowners seeking to refinance existing, higher-rate mortgages.

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Tips for Selling Your Home Before the End of the Year

The fourth quarter of the year can cause some sellers to worry if their home hasn’t sold yet. But according to Trulia.com, there is still time to sell.

Typically, many buyers are eager to move and get settled in before the school year and holidays begin but that doesn’t mean you should be discouraged. While the spring is considered a peak selling period, I recall looking for a home in the winter months and successfully closing just after the New Year. However, I am on the west coast and location does make a difference. Looking for homes in California doesn’t require driving around on icy roads, trudging through snow-covered walkways or stormy weather. Even if you’re not in more mild climates, there is still time to sell your home.

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10 Reasons to Buy

Owning a home has been a part of the American Dream for decades. If you are still unsure, however, whether or not homeownership is the move for you, be sure to read these ten reasons to buy.

1. Low Interest Rates. It’s true! Interest rates are currently at historical lows. This means over the course of your loan, you’ll pay less interest. And it also means monthly payments will be a smaller, more manageable amount. Read more

Low Mortgage Rates Have Yet to Fuel Home Sales

Here is an interesting article looking at the recent national trend with mortgage rates. Overall the mortgage rates still remain the lowest on record, and yet home sales still remain low.

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Mortgage rates for 30-year fixed loans were unchanged this week at the lowest point in decades, but it hasn’t been enough to jump-start the housing market. Government-sponsored mortgage buyer Freddie Mac said Thursday that the average 30-year fixed rate was 4.57 percent. That’s the same as a week earlier, and the lowest since Freddie Mac began tracking rates in 1971. The last time home loan rates were lower was the 1950s, when most mortgages lasted 20 or 25 years.

Rates on 15-year fixed-rate mortgages decreased to an average of 4.06 percent, down from 4.07 percent last week. Rates on five-year adjustable-rate mortgages averaged 3.85 percent, up from 3.75 percent. Rates on one-year ARMs fell to an average of 3.74 percent from 3.75 percent. This week’s average is the lowest the one-year ARM has been since Freddie Mac began following it in 1984. The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for all types of loans in Freddie Mac’s survey averaged 0.7 points. Rates have fallen since the spring. Investors, concerned with the European debt crisis, have poured money into the safety of Treasury bonds. Treasury yields have fallen and so have mortgage rates, which tend to track yields on U.S. debt. But low rates have yet to fuel home sales and have sparked only a modest increase in refinancing.

Mortgage applications dropped last week as requests for purchase financing declined 3.1 percent to the lowest level in more than 13 years, the Mortgage Bankers Association said Wednesday. An index measuring refinancing fell 2.9 percent, the MBA said. Rates could go lower and still not budge the housing market, analysts say. That’s because a person without a job can’t afford a home; a person worried about losing a job is unlikely to buy one, either. To calculate the national average, Freddie Mac collects mortgage rates Monday through Wednesday from lenders around the country. Rates often fluctuate significantly, even within a given day.

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