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.

Read more

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.

Read more

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.

---

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.

The Mather Company

The current real estate market is in a very unique state. With record low interest rates, the recent $8,000 first time home buyer loan, and other incentives, one would expect to see lots of houses being sold, but instead we are faced with declining home sales. And this strange market is no exception in Columbia. But whether you are wanting to buy a home or sell a home, one thing has remained the same: clients want a Realtor who will get the job done. With a proven track record, countless testimonials, and a unique marketing strategy, The Mather Company is getting the jobs done!

Selling a home is not like it used to be. Gone are the days when you could just put an ad in the paper, a sign in the yard and wait for it to sell. The Mather Company’s marketing strategy does includes those traditional ways, such as putting ads in the paper, putting a sign in the yard, open houses, and putting your house in the MLS, but also takes advantage of technology. In a study done by The National Association of Realtors in 2009, 90% of buyers begin searching for homes online. We utilize the web to it’s fullest potential. Furthermore, because 90% of buyers begin by searching online, most of these buyers see a home for the first time online. Many agents use cheap camera (or even cell phones!) to take pictures of their listings. We believe first impressions are critical. Therefore we hire a professional photographer take pictures of our listings so that the first time a person sees our listings, it will make an impact! We also film your home, showing off it’s great features and providing a potential buyer a walk through of the home. The movie is accompanied by inspirational music in the background, which provides for a pleasant experience while potential buyers “walk through your home”. We also place the video, as well as photographs, onto a disc, and leave at the house for potential buyers to take with them. That way when all the houses they walked through begin to blur together, yours can stand out among the rest! Finally, your house will be featured on our website, social networks such as Facebook and Twitter, as well as popular real estate websites.

When buying a home, clients will receive complete and professional representation. We are dedicated to finding the right home for you. So whether you want to look for one weekend, or one year, we will be devoted to helping you find that right house.

When clients uses our services, they can rest assured that they will receive quality service, and a performance that goes above and beyond their expectations. We will conduct ourselves in a professional manner by committing ourselves to hard work, honesty, and integrity. Furthermore, we believe our emphasis on teamwork sets us apart from other real estate companies.

« Previous Page