Category Archives: Mount Kisco

Spring time in NYC | Mt Kisco Real Estate

Ah, spring. The days get longer, the weather starts to warm up and—in New York City, circa 2020—there are at least these 14 other reasons to get excited.

1.  The spinning wheel has got to go ’round. Coney Island’s amusement parks open on April 4, which will mark an auspicious occasion: 100 years since the Wonder Wheel debuted. Over the past century, millions have sat in one of the Ferris wheel’s enclosed cages and surveyed the rides, boardwalk and ocean from up high. While you’re down in Coney, make sure to enjoy a couple of the Wonder Wheel’s cronies: the wooden Cyclone roller coaster (est. 1927) and hot-dog fave Nathan’s (est. 1916). —Andrew Rosenberg

2.  Hudson Yards is getting an Edge. The City’s latest observation deck, Edge (opening March 11), will also be its highest open-air platform for taking in the vistas.­ Bird’s-eye views of Manhattan’s skyline may be nothing new, but looking down 1,000-plus feet through a glass floor certainly is. Yikes! —Brian Sloan

3.  Our Instagram feeds will be well fed. Yayoi Kusama is coming. In May, the New York Botanical Garden will host Kusama: Cosmic Nature across its 250 acres, sprinkling neon colors, polka-dot sculptures and mirrored installations amidst its already eye-catching spring blooms. —Gillian Osswald

4. The music of the ’90s is having a moment. Two of the decade’s preeminent artists are playing big shows in NYC: Radiohead frontman Thom Yorke brings his solo electronic act to Radio City on March 30 and Hammerstein Ballroom on March 31 and April 1. Also on March 30, Pearl Jam rocks Madison Square Garden. How good will the show be? We have a feeling you’ll give it a 10. —Christina Parrella

5.  We’ve got other decades covered, too. Fans of Carly Simon can anticipate a tribute to her that features Cyndi Lauper, the Indigo Girls, Michael McDonald and many more at Carnegie Hall on March 19. Other big shows include Billie Eilish at Barclays Center (March 20); Blood Orange at Radio City (March 21); Lisa Loeb at Le Poisson Rouge (March 22); Elton John at Madison Square Garden (April 6–7) and Barclays (April 10–11); The Darkness at Webster Hall (May 13); Fetty Wap at Gramercy Theatre (May 18); Madness at Hammerstein Ballroom (May 22); Kesha and Big Freedia at Pier 17 (May 28); and continued residencies from Billy Joel at MSG (March 19, April 10 and May 2) and They Might Be Giants, playing Flood, at Bowery Ballroom (April 11 and May 9). —nycgo.com staff

6.  Plus, it’ll be a vintage season for wine and song. City Winery’s spacious new waterfront venue at Hudson River Park’s Pier 57 promises barrels of fun (and wine and music and views). Who can it be playing the first month? It’s singer-songwriter Colin Hay, the voice behind Men at Work (April 7–8). And nothing compares to the rest of the early lineup, which includes Sinéad O’Connor (April 13, 14 and 16) and Graham Parker (May 19 and 21). —AR

7. There will be bonnets to behold. New Yorkers never pass up an opportunity to dress up, and the Easter Parade and Bonnet Festival (April 12) is no exception. Judging by last year’s looks, we’ll see plenty of floral headpieces, spring-themed ensembles and pastel pageantry on the stroll up Fifth Avenue. —GO

8.  Art is all around. If you’ve ever wondered about Jackson Pollock’s work before he adopted his drip-and-splatter technique, check out Away from the Easel: Jackson Pollock’s Mural at the Guggenheim Museum. The exhibition (opening March 28) displays a giant colorful mural Pollock painted for the entrance of Peggy Guggenheim’s Manhattan townhouse. It’s the piece’s first NYC appearance in more than 20 years. Over at The Met, the Costume Institute presents its spring exhibition, About Time: Fashion and Duration. The exhibition (opening May 7) traces the timeline of fashion from the 1870s to the present. —CP

9.  A Watergate-era thriller will be a topic of conversation. 1974 was a landmark year for film, headlined by Chinatown and Francis Ford Coppola’s The Godfather Part II. But a less showy Coppola release of the time, The Conversation, may be more resonant than either thanks to its handling of queasy topics like surveillance, privacy and paranoiaHead to the Film Forum to catch a screening of a restored 35mm print (March 20–April 2). Gene Hackman and John Cazale star; pre-fame Cindy Williams, Harrison Ford and Teri Garr show up too. —AR

10.  Broadway’s going to have Company. A new production of Stephen Sondheim’s ode to singlehood, which took London by storm, comes to New York. Its twist: the main role of bachelor Bobby becomes single lady Bobbie. Katrina Lenk (The Band’s Visit) takes the lead, with Patti LuPone (War Paint) serving up “The Ladies Who Lunch” as Joanne. —BS

11.  We’ll see every side of comedy. Three funny festivals come to NYC, led by the return of the Brooklyn Comedy Festival (March 30–April 5). Its lineup befits the borough’s alt-comedy sensibilities; highlights include NPR’s Ask Me Another, hosted by Ophira Eisenberg, at the Bell House (April 1), and Jo Firestone hosting Friends of Single People at Littlefield (April 2). Chris Gethard spins his Beautiful/Anonymous podcast into Beautiful Cononymous (May 14–17), which opens with Gethard watching the movie Contact and then discussing it with a podcast caller who told him he should see it. The Satire and Humor Festival (March 27–29), at Caveat and The Magnet, focuses on those who elicit laughter through the written word, featuring favorites from The New Yorker and The Onion. Spring also brings Ali Wong’s run at the Beacon Theatre (March 29–April 4), Demetri Martin at the Bell House (April 7–8), Bill Bellamy at Carolines (April 9) and Jim Gaffigan at Radio City (April 9–11). —nycgo.com staff

12.  A rebel and his bike are back. Pee-Wee’s Big Adventure returns to the big screen for a 35th anniversary celebration at the Beacon Theatre (March 25–26). Pee-Wee himself, Paul Reubens, will be on hand for a live presentation and Q&A if you want to ask him if there’s a basement in the Beacon. —BS

13.  This could be the last season of baseball as we know it. Are we being a tiny bit dramatic? Probably. But the existing structure of the minor leagues is precarious, and this could be the last stand for the Staten Island Yankees. The Brooklyn Cyclones, the Mets’ New York–Penn League affiliates, may change leagues after this season. If some reports are to be believed, this may be your final chance to see pitchers bat in Mets games—the designated hitter could arrive in the National League as soon as 2021. There may be no major changes evident for the Yankees, save for adding Gerrit Cole to their rotation—but that acquisition could help end their 10-season championship drought (normal for most teams, but not the perennial contenders in the Bronx). —nycgo.com staff

14.  There’s a new Strand location on the Upper West Side. It opens in March. And that’s not all the City has to offer bookworms.—nycgo.com staff

Mortgage rates fall to 3.45% | Mt Kisco Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate was the lowest in three years.

“As rates fell for the third consecutive week, markets staged a rebound with increases in manufacturing and service sector activity,” said Sam Khater, Freddie Mac’s Chief Economist. “The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.45 percent with an average 0.7 point for the week ending February 6, 2020, down from last week when it averaged 3.51 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent. 
  • 15-year fixed-rate mortgage averaged 2.97 percent with an average 0.7 point, down from last week when it averaged 3.00 percent. A year ago at this time, the 15-year FRM averaged 3.84 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.32 percent with an average 0.2 point, up from last week when it averaged 3.24 percent. A year ago at this time, the 5-year ARM averaged 3.91 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

California median price jumps 10% | Mt Kisco Real Estate

The median price for a single-family home in California jumped 10% in December, the biggest year-over-year gain in more than four years, as low mortgage rates and a shortage of homes for sale boosted competition for properties.

The state’s median home price was $615,090, more than double the U.S. median, according to the California Association of Realtors. Home sales rose 7.4% compared with December 2018.

“California experienced an unusual jump in its median price at the end of the year when the market is supposed to cool down,” said CAR Chief Economist Leslie Appleton-Young. “The surge in price is a byproduct of the imbalance between supply and demand as market competition continues to heat up.”

The supply of homes for sale, measured as the amount of time it would take to sell off existing stock, shrank to 2.5 months from 3.5 months a year earlier.

The Los Angeles metro area saw the biggest jump in home prices, up 10% from a year earlier to a median of $550,000. Sales surged 16%, CAR said.

The next-biggest jump was in the cheapest area of the state. The Central Valley, an inland swath that runs about 450 miles from Bakersfield to Redding, had a median price of $342,000 in December, a jump of 7.7% from a year earlier, according to CAR data. Sales rose 12% in the same period.

The Inland Empire, east of Los Angeles, had a median price of $385,000, up 7.2% from a year ago, and sales were up 13%, the CAR report said.

The San Francisco Bay area, the most expensive region, had a median price of $908,750, up 6.9% from a year ago. Sales jumped 16% in the same period.

The Central Coast, stretching from Los Angeles to San Francisco, had a 2.2% drop in median price to $700,000. Sales surged up 42% as buyers rushed to snap up the lower prices, CAR said.

read more…

Public School Enrollment Trends and Home Prices | Mt Kisco Real Estate

Counties with public school enrollment gains experienced higher price appreciation in the last 7 years, a NAR analysis shows.

Across the country, hallways and classrooms are full of activity. More than three-fourths of the school-aged population, 48.2 million students, were enrolled in a public elementary and secondary school in 2018. Each year, the U.S. Census Bureau releases school enrollment figures that give a snapshot of where these kids choose to enroll.

Based on the data, between fall of 2011 and fall 2018, enrollment in public elementary and secondary schools declined 1.4% across the United States. While the number of students at each grade level is primarily influenced by population trends, enrollment in kindergarten had the highest decline of 5% followed by grade 1 – grade 4 (3%).

However, changes in enrollment vary by area. Among 810 counties, public school enrollment increased in 42% (339 counties) of these counties in the United States. An analysis of county data on school populations reveals that the following counties experienced the highest gains in public school enrollment within the last 7 years:

Parsing out by level of school, most of the counties above experienced a higher increase of public school enrollment in kindergarten, followed by middle school during 2011 and 2018. For instance, in Dallas County, IA, the number of students enrolled in a public school kindergarten in 2018 was 1.8 times higher than the number of students in 2011. This also shows that the population of young kids (5 years old) in Dallas County, IA significantly increased in this area in the last 7 years. However, in Arlington County, VA, the greatest increase occurred at middle school. Students in grades 5 to grade 8 increased by 98% (3,997 more students) in 2018 compared to 2011. Thus, based on the school enrollment data, the population of kids between the ages of 10 and 13 rose in Arlington County during 2011 and 2018.

How does this increase in public school enrollment affect the local area?

First of all, school enrollment growth may reflect stronger local county employment as more new residents move into the region because of jobs and they bring along their school-aged children. At the most basic level, more labor means more goods and services being produced, so that local economic activity rises.

Literature review has shown that homeownership has positive effects on the academic achievement of children1. Homeownership brings residential stability, and stability raises the educational attainment of children. According to a NAR Survey2, over half of recent buyers with children under the age of 18 living in their home cited the school district as an influencing factor in their neighborhood choice. Therefore, since more people are moving to these school districts, housing demand is expected to increase.

Data shows that counties with enrollment gains experienced higher home price increases. In the last 7 years, home prices increased 33 percent on average in the counties with enrollment gains. Especially, in the top 20 counties with the highest enrollment gains, home prices increased 37 percent on average. For instance, in Dallas County, IA, public school enrollment rose 64 percent while home prices increased 51 percent in the last 7 years. Respectively, in Midland County, Texas, public school enrollment increased 31 percent while home prices rose 52 percent. However, home prices rose 18 percent on average in the counties where enrollment declined during 2011 and 2018. Thus, ceteris paribus (with other conditions remaining the same), public school enrollment is estimated to have a positive effect on housing prices.

All in all, REALTORS® should expect busier activity in the counties where public school enrollment is rising.

The graph below shows the positive relationship between public school enrollment and housing prices.

1 Yun, L., & Evangelou, N. (2016). Social Benefits of Homeownership and Stable Housing. National Association of Realtors®.

2 2019 Profile of Home Buyers and Sellers. National Association of REALTORS®
read more…
https://www.nar.realtor/blogs/economists-outlook/public-school-enrollment-trends-and-home-prices?AdobeAnalytics=ed_rid%3D2200528%26om_mid%3D1732%7CMembersEdgeNews_2019_12_5_Agents%26om_ntype%3DMEMBER%27S%20EDGE%20(news)

Connecticut Feeling On Tolls Could Keep I-684 Free | Mt Kisco Real Estate

Connecticut’s governor proposed putting a toll gantry on the 1-mile section of I-684 that goes out of New York.

Connecticut Feeling On Tolls Could Keep I-684 Free
(Google Maps)

The proposal to put a tollbooth on the Connecticut mile of Interstate 684 apparently elicited negative reactions from Connecticut politicians as well as New Yorkers. Democrats in the Connecticut State Senate are less than enthusiastic about Gov. Ned Lamont’s plan for tolls at 14 spots throughout the state.

Lamont wants to put tolls on roads in his state to raise revenue and pay for repairs. One of the roads he picked is I-684, the “interstate highway” that runs down the east side of Putnam and Westchester counties in New York.

The toll plaza would go in the 1.4 mile stretch of I-684 that is in Connecticut. The toll gantry would be sandwiched between the exit for the Westchester County Airport to the south and the exit for Armonk, home of IBM, to the north.

Lamont met with the Democratic caucus Wednesday to go over his plan and hear questions and concerns from the caucus. Senate President Martin Looney told Patch that there was broad support for Lamont’s proposed transportation fixes, but disagreement on how to pay for them.

“We need to find something that is broadly palatable in the General Assembly and also to the public,” Looney said.

The caucus didn’t take a headcount on support for Lamont’s plan. Looney said Lamont was going to reflect on what he heard in the caucus meeting.

Senate Majority Leader Bob Duff said everyone acknowledges that it’s vitally important to upgrade Connecticut’s transportation infrastructure. He said Lamont carefully listened to concerns from legislators.

“How we get there and how we pay for it is certainly a different story,” Duff said. “But it was a very frank conversation with the governor.”

Lamont campaigned on truck-only tolling, but said after being elected it wouldn’t create enough revenue for the state and could run into some legal challenges from the trucking industry. Lamont rolled out a 50-toll gantry plan that took up part of the 2019 legislative session, but in the end never got a full vote. Any toll vote would likely become a hot-button issue in the 2020 election where state representatives and senators are up for re-election.

Legislative Republicans in Connecticut have been steadfast in their opposition to tolls. House Republican Leader Themis Klarides said that there is common ground in Lamont’s latest plan and it was more well-thought than previous iterations, but tolls are still a non-starter.

Non-starter was exactly the term New York State Senator Pete Harckham used, talking about his constituents in Dutchess, Putnam and Westchester counties who would be unfairly affected. “Governor Lamont’s plan to place a toll on I-684 is a nonstarter because it disproportionately impacts New York commuters. There are enough roads elsewhere in Connecticut to toll to fund infrastructure projects in Connecticut.”

read more…

https://patch.com/new-york/bedford/s/gwzdh/connecticut-feeling-on-tolls-could-keep-i-684-free?utm_term=article-slot-1&utm_source=newsletter-daily&utm_medium=email&utm_campaign=newsletter

Fed cuts rates again | Mt Kisco Real Estate

Federal Reserve Chairman Jerome Powell

The Federal Reserve cut rates for a third time this year today. While the 25 basis point rate cut won’t have a direct impact on fixed-rate mortgages, Fed actions do impact the market which touches lending.

Here’s what the rate cut means for homebuyers and homeowners.

What will happen to long-term fixed mortgages?

The federal funds rate does not directly affect long-term fixed-interest mortgage rates; those rates are pegged to the yield of U.S. Treasuries, which are set by market forces. However, those market forces are influenced by Fed policy, as we saw in July when the 10-year Treasury yields dropped after the Fed cut rates.

While fixed-rate mortgages don’t move in lockstep with the Fed, they’re not immune to Fed policy.

“The Fed does have an effect on rates and consumer sentiment because we look to the Fed for the health of the economy and because policy action does have an impact on the market,” says Joel Kan, MBA’s associate vice president of economic and industry forecasting.

Variable-rate loans will get cheaper

Variable-rate loans, such as adjustable rate mortgages (ARMs) and home equity lines of credit (HELOCs) track with the Fed rate, so those borrowers will come out ahead.

A drop in the federal funds rate by 25 basis points means a 25-basis point drop in variable rates, as well. Usually, borrowers will see a change in their lender statements the month after the Fed lowers rates.

“To quantify this, on a HELOC of $100,000, every change of 0.25 percent in interest rate (either upwards or downwards) will cause a borrower’s interest expenses to rise or fall $250 per year. As this works out to only about $21 per month, it should not have a very significant impact on most borrowers unless they have a very large HELOC,” says Daniel Shlufman, Mortgage Banker at Classic Mortgage LLC.

Those with variable-rate mortgages may have to wait a while to see their payments fall. Such loans typically adjust annually on their anniversary dates. Some don’t adjust at all for the first two, three, five or even seven years.

What borrowers should do

Would-be homebuyers interested in a fixed-rate mortgage or those who want to refinance should take advantage of today’s low interest rates, experts say. There’s no way to time the market to get the best deal on rates, says Kan.

The best course of action for homebuyers is to decide whether they can afford the home they want based on their down payment and current mortgage rates. Today’s mortgage rates are low by historical standards, so waiting for even lower rates can mean missing an opportunity.

read more…

https://www.bankrate.com/mortgages/federal-reserve-decision-heloc-arms/

Leftist Utopia -California Can’t Keep the Lights On | Mt Kisco Real Estate

(Roza/Dreamstime)

Decades of misgovernance and misplaced priorities have left the state fighting fire with . . . blackouts.

California is staying true to its reputation as the land of innovation — it is making blackouts, heretofore the signature of impoverished and war-torn lands, a routine feature of 21st-century American life.

More than 2 million people are going without power in Northern and Central California, in the latest and biggest of the intentional blackouts that are, astonishingly, California’s best answer to the risk of runaway wildfires.

Power — and all the goods it makes possible — is synonymous with modern civilization. It shouldn’t be a negotiable for anyone living in a well-functioning society, or even in California, which, despite its stupendous wealth and natural splendor, has blighted itself over the decades with misgovernance and misplaced priorities.

The same California that has been the seedbed of world-famous companies that make it possible for people to send widely viewed short missives of 280 characters or less, and share and like images of grumpy cats, isn’t doing so well at keeping the lights on.

The same California that has boldly committed to transitioning to 50 percent renewable energy by 2025 — and 100 percent renewable energy by 2045 — can’t manage its existing energy infrastructure.

The same California that has pushed its electricity rates to the highest in the contiguous United States through its mandates and regulations doesn’t provide continuous access to that overpriced electricity.

California governor Gavin Newsom, who has to try to evade responsibility for this debacle while presiding over it, blames “dog-eat-dog capitalism” for the state’s current crisis. It sounds like he’s referring to robber barons who have descended on the state to suck it dry of profits while burning it to the ground. But Newsom is talking about one of the most regulated industries in the state — namely California’s energy utilities, which answer to the state’s public utilities commission.

This is not exactly an Ayn Rand operation. The state could have, if it wanted, pushed the utilities to focus on the resilience and safety of its current infrastructure — implicated in some of the state’s most fearsome recent fires — as a top priority. Instead, the commission forced costly renewable-energy initiatives on the utilities. Who cares about something as mundane as properly maintained power lines if something as supposedly epically important — and politically fashionable — as saving the planet is at stake?

Meanwhile, California has had a decades-long aversion to properly clearing forests. The state’s leaders have long been in thrall to the belief that cutting down trees is somehow an offense against nature, even though thinning helps create healthier forests. Biomass has been allowed to build up, and it becomes the kindling for catastrophic fires.

As Chuck DeVore of the Texas Public Policy Foundation points out, a report of the Western Governors’ Association warned of this effect more than a decade ago, noting that “over time the fire-prone forests that were not thinned, burn in uncharacteristically destructive wildfires.”

In 2016, then-governor Jerry Brown actually vetoed a bill that had unanimously passed the state legislature to promote the clearing of trees dangerously close to power lines. Brown’s team says this legislation was no big deal, but one progressive watchdog called the bill “neither insignificant or small.”

On top of all this, more people live in remote areas susceptible to fires, in part because of the high cost of housing in more built-up areas.

There shouldn’t be any doubt that California, susceptible to drought through its history and whipped by fierce, dry winds this time of year, is always going to have a fire problem. But there also shouldn’t be any doubt that dealing with it this poorly is the result of a series of foolish, unrealistic policy choices.

California’s overriding goal should have been safe, cheap, and reliable power, a public good so basic that it’s easy to take for granted. The state’s focus on ideological fantasies has instead ensured it has none of the above.

read more…

https://www.nationalreview.com/2019/10/california-cant-keep-the-lights-on/

Existing home sales up 3.9% year over year | Mt Kisco Real Estate

After reaching 17-month high last month, existing home sales, released by the National Association of Realtors (NAR), fell more than expected in September despite low mortgage rates.

Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, dropped 2.2% to a seasonally adjusted annual rate of 5.38 million in September. However, sales were still 3.9% higher than a year ago.

The first-time buyer share rose to 33% in September from 31% last month and 32% a year ago. The September inventory stayed the same at 1.83 million units from August but decreased from 1.88 million units a year ago. At the current sales rate, the September unsold inventory represents a 4.1-month supply, up from a 4.0-month supply last month and down from a 4.4-month a year ago.

Homes stayed on the market for an average of 32 days in September, up from 31 days last month and equal to a year ago. In September, 49% of homes sold were on the market for less than a month.

The September all-cash sales shared 17% of transactions, down from 19% last month and 21% a year ago.

The September median sales price of all existing homes was $272,100, up 5.9% from a year ago, representing the 91st consecutive month of year-over-year increases. The median existing condominium/co-op price of $248,600 in September was up 4.5% from a year ago.

Case Shiller home price index up 2% year over year | Mt Kisco Real Estate

Regionally, all regions saw a decline in existing home sales in September compared to the previous month, ranging from 0.9% in the West to 3.1% in the Midwest. On a year-over-year basis, sales rose in all four major regions except for the Midwest, ranging from 1.5% in the Northeast to 6.0% in the South. Sales in the Midwest was nearly unchanged to September 2018.

This monthly decline indicates that sales are not consistently increasing in response to falling mortgage rates, as rapidly rising home prices and tight inventory continue to weigh on housing sector and prevent home sales growth. As mortgage rates below 4% are very attractive to homebuyers, more new home building is needed to meet housing demand. Indeed, supported by low mortgage rates and solid job growth, builder confidence continued to improve, which rose to 20-month high in October.

read more…

Case Shiller home price index up 2% year over year | Mt Kisco Real Estate

July 2019 saw an annual increase of 3.2% for home prices nationwide, matching the previous month’s pace, according to the Case-Shiller Home Price Index from S&P Dow Jones Indices and CoreLogic.

The 10-City and 20-City composites reported a 1.6% and 2% year-over-year increase, respectively. During the month, 15 of 20 cities reported increases both before and after seasonal adjustment.  

“Year-over-year home prices continued to gain, but at ever more modest rates,” says Philip Murphy, managing director and global head of index governance at S&P Dow Jones Indices. “Charlotte surpassed Tampa to join the top three cities, and Seattle may be turning around from its recent negative streak of YOY price changes, improving from -1.3% in June to -0.06% in July.”

According to the index, Phoenix, Las Vegas and Charlotte reported the highest year-over-year gains among all of the 20 cities.

In July, Phoenix led with a 5.8% year-over-year price increase, followed by Las Vegas with a 4.7% increase and Charlotte with a 4.6% increase. Seven of the 20 cities reported larger price increases in the year ending July 2019 versus the year ending June 2019.

“Overall, leadership remains in the southwest (Phoenix and Las Vegas) and southeast (Charlotte and Tampa),” Murphy said. “Other pockets of relative strength include Minneapolis, which increased its YOY gain to 4.2%, and Detroit, which is closely behind at 4.1% YOY.”

“The 10-City and 20-City Composites both experienced lower YOY price gains than last month, declining to 1.6% and 2.0% respectively. However, the U.S. National Home Price NSA Index remained steady with a YOY price gain of 3.2%, the same as prior month,” Murphy said. “Home price gains remained positive in low single digits in most cities, and other fundamentals indicate renewed housing demand.”

 The graph below highlights the average home prices within the 10-City and 20-City Composites:

Case-Shiller - July

Mortgage rates average 3.49% | Mt Kisco Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) rate averaged 3.49 percent, the lowest it has been since October 2016.

Sam Khater, Freddie Mac’s Chief Economist says, “Mortgage rates continued the summer swoon due to weaker economic data. While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers. The unemployment rate is low, housing affordability is improving, homebuyer demand is rising, and home price growth is stable.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.49 percent with an average 0.5 point for the week ending September 5, 2019, down from last week when it averaged 3.58 percent. A year ago at this time, the 30-year FRM averaged 4.54 percent. 
  • 15-year FRM averaged 3.00 percent with an average 0.6 point, down from last week when it averaged 3.06 percent. A year ago at this time, the 15-year FRM averaged 3.99 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.30 percent with an average 0.4 point, down from last week when it averaged 3.31 percent. A year ago at this time, the 5-year ARM averaged 3.93 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.