Monthly Archives: September 2014

Freddie Mac says rates average 4.23% | #Katonah Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates making their biggest one-week gain so far this year and bringing them to their highest level since the week ending May 1.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.5 point for the week ending September 18, 2014, up from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 4.50 percent.
  • 15-year FRM this week averaged 3.37 percent with an average 0.5 point, up from last week when it averaged 3.26 percent. A year ago at this time, the 15-year FRM averaged 3.54 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.06 percent this week with an average 0.5 point, up from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 3.11 percent.
  • 1-year Treasury-indexed ARM averaged 2.43 percent this week with an average 0.4 point, down from last week when it averaged 2.45 percent. At this time last year, the 1-year ARM averaged 2.65 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 links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Fixed-rate mortgage rates rose this week following the increase in 10-year Treasury yields being partially fueled by market speculation the Federal Reserve might change its interest rate guidance. Meanwhile, the Labor Department reported that its Consumer Price Index (CPI) declined 0.2 percent in August reflecting declines in energy prices. Excluding food and energy, the CPI was unchanged.”

Armonk Outdoor Art Show Sept 20-21 | #ArmonkRealEstate

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Mortgage Rates at 4.19% | Bedford Real Estate

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Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 4.19 percent, up from 4.05 percent at this same time last week.

The 30-year fixed mortgage rate rose steadily last week, peaking at 4.30 percent on Sunday before easing down to the current rate.

“Last week, rates hit a five-month high on anticipation that the Fed’s policy statement might suggest an earlier than expected hike in the federal funds rate,” said Erin Lantz, vice president of mortgages at Zillow. “This week, any significant movement in rates will stem from the Fed’s Wednesday announcement, which could reveal how quickly the federal funds rate will rise after the stimulus program ends.”

Additionally, the 15-year fixed mortgage rate this morning was 3.26 percent, and for 5/1 ARMs, the rate was 3.03 percent.

 

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http://www.zillow.com/blog/mortgage-rates-up-14-basis-points-159975/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

Low Cost Vietnamese Homes | Bedford Hills Real Estate

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Vo Trong Nghia Architects has revealed its second-phase prototype for an affordable and low-maintenance dwelling for Vietnam, as part of a project aimed at solving the country’s housing crisis (+ slideshow).

S House by Vo Trong Nghia

The new prototype, known as S House, has been unveiled by Vo Trong Nghia Architects two years after the Vietnamese firm presented its first low-cost buildings, which were designed to offer permanent residences for less than £2,500 each.

 

 

 

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Vo Trong Nghia unveils second prototype for low-cost Vietnamese housing

 

While the original design featured a lightweight steel frame, the new structure is built from precast concrete, which the architects believe offers greater long-term stability.

Glass Box by the ‘Ferris Bueller House’ Architect Asks $3.6M | Bedford Corners Real Estate

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12 images

Location: Lakeside, Mich.
Price: $3,650,000
The Skinny: Architect David Haid, the Mies van der Rohe protégé most famous for designing Cameron’s beloved modern spread from Ferris Bueller’s Day Off, was also the mastermind of this midcentury glass box located on the eastern shore of Lake Michigan. Built in 1964 for clients who still call the house home, the design gets along well with the rest of Haid’s oeuvre, and owes more than a small debt to the work of that other famous modernist, Glass House architect Philip Johnson. Like Johnson, Haid, who died in 1993, had a great respect for landscapes, particularly the ever-changing reaches of the upper Midwest. Like many of his designs, this place is basically a dollop of glass walls, which offer panoramic views of the property’s wooded 2.6 acre lot and of the 200-foot private beach on the other side of the rolling, manicured lawn. Inside: a pristine, open floor-plan with post-and-beam construction overhead and floor-to-ceiling windows throughout. The two-bedroom, which seems to be in very good shape even after enduring 50 years of bruising Great Lakes winters, asks $3.65M.

 

 

 

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http://curbed.com/archives/2014/09/17/glass-box-by-ferris-bueller-house-architect-david-haid-asks-36m.php

Housing starts nosedive 14.4% in August | Pound Ridge Real Estate

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Privately-owned housing starts plunged 14.4% in August, according to the U.S. Census Bureau.

Starts were expected to drop after a strong July but not by this much.

Housing starts for July jumped to an annualized pace of 1.093 million units-up from 0.945 million units the prior month. July was up a sharp 15.7%.

Housing starts printed at a seasonally adjusted annual rate of 956,000, well below analyst expectations, but 8% above the August 2013 rate of 885,000.

Single-family units remained largely flat as they have for the past 20 months, multifamily starts fell from 396,000 to 343,000, or 13.4% for permits, and an incredible 31.5% for starts.

Single-family housing starts in August were at a rate of 643,000; this is 2.4% below the revised July figure of 659,000. The August rate for units in buildings with five units or more was 304,000.

Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 998,000. This is 5.6% below the revised July rate of 1,057,000, but is 5.3% above the August 2013 estimate of 948,000.

Single-family authorizations in August were at a rate of 626,000; this is 0.8% below the revised July figure of 631,000. Authorizations of units in buildings with five units or more were at a rate of 343,000 in August.

Privately-owned housing completions in August were at a seasonally adjusted annual rate of 892,000. This is 3.2% above the revised July estimate of 864,000 and is 16.9% above the August 2013 rate of 763,000.

Single-family housing completions in August were at a rate of 591,000; this is 8.2% below the revised July rate of 644,000. The August rate for units in buildings with five units or more was 292,000.

 

 

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http://www.housingwire.com/articles/31404-housing-starts-nosedive-144-in-august

What millennials want in a home | Chappaqua Real Estate

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Millennials aren’t in a rush to buy their own homes. Heck, many of them aren’t in a rush to move out of their parents’ houses.

That doesn’t mean, however, that they’ll remain renters—or freeloaders in mom and dad’s basement—forever. And the housing and mortgage industries can’t wait.

“The story line has been that millennials are not forming households, they’re living with mom and dad,” said Jonathan Smoke, chief economist for Realtor.com. But this group’s usage of mobile real estate applications and websites is on the rise, Smoke says, up 61% year-over-year as of July based on his analysis of comScore data of people between the ages of 25 and 34. More than one-third of millennials used a mobile device in July to look at real estate data, he said.

That says to Smoke that millennials are at least thinking about buying or renting a home, and researching the market to learn their options.

What’s more, a recent Redfin survey found that 92% of people in this age group who don’t have a home want to buy one in the future, said Nela Richardson, the real-estate company’s chief economist. And there are some clear preferences in what they want in a home.

 

 

 

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http://www.marketwatch.com/story/what-millennials-want-in-a-home-2014-09-15

Scotland Without the Pound Seen as a Threat to Housing | Armonk NY Real Estate

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A vote in favor of Scottish independence tomorrow threatens to weigh down a booming housing market should thousands of homeowners become debtors of foreign lenders.

Political leaders in the U.K. are sparring over whether an independent Scotland would keep the pound, with the outcome having major consequences for the economy and housing. If Scottish homeowners eventually have to repay pound-denominated loans in a foreign currency, they would face the risk of higher costs and possible default.

Prime Minister David Cameron warned on Sept. 14 the breakup would be akin to a “painful divorce,” and said the U.K. won’t share its currency with an independent Scotland. Independence leaders dismiss the government’s threat, insisting that Scotland and the rest of the U.K. would form a currency union to benefit both nations.

 

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http://www.bloomberg.com/news/2014-09-17/scotland-without-the-pound-seen-as-a-threat-to-housing.html

Fresh mortgage price war breaks out | Pound Ridge Real Estate

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A fresh mortgage price war has broken out with a string of major lenders slashing their rates in recent days.

Metro Bank, Halifax, Barclays, Nationwide Building Society, HSBC, Virgin Money, Skipton Building Society and Norwich and Peterborough Building Society are among those who have sharpened up their ranges.

The tussle for homeowners’ business has seen several lenders once again drop their rates below 3% for people looking for a five-year fixed rate mortgage.

Meanwhile, Virgin Money has taken the unusual step of launching a new range which allows people to fix in for one year longer than the usual five-year deals and protect themselves against the prospect of interest rates rising for a prolonged period.

Virgin’s new six-year fixed rate deals, which are available at the same price as its five-year fixes, include a product available for people with a 30% deposit with a rate of 2.99% and a fee of £995. Alternatively, people can opt to go fee-free and pay a higher rate of 3.59%.

Metro Bank also slashed its five-year fixed rates today. The new products, which carry a fee of £999, include a five-year fix at 2.99% for someone with a 40% deposit and one at 3.79% for a borrower with a 15% deposit to put down.

The announcements came as Norwich and Peterborough Building Society unveiled a 0.20% interest rate reduction on first-time buyer deals.

The society has shaved a fee-free two-year fixed rate deal for people aspiring to get on the property ladder down from 5.19% to 4.99%, as well as chopping product rates for people with 25% and 35% deposits.

 

 

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https://uk.news.yahoo.com/fresh-mortgage-price-war-breaks-124034052.html#5iZUafw

 

National Weather Service: Mount Kisco’s Winter Won’t Be So Bad | Mt Kisco Real Estate

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Despite several reports of doom and gloom about the upcoming winter, the National Weather Service is forecasting average temperatures and average precipitation for the season.

The National Weather Service is forecasting roughly average temperatures for much of the country with the exception of below average temperatures in southwest Texas and above average highs in the northern great plains and Pacific Northwest.

Precipitation estimates are expected to be around the typical norm as well in the Northeast.

The National Weather Service has also said that predicting long-range weather is far from an exact science. While prevailing weather patterns like El Nino do have an impact on weather trends, the week-to-week shifts play a much larger role and thus make long-range forecasting little more than guess work.

The National Weather Service, does, however, remind residents to be prepared when the snow starts to fall. This is, after all, still the Northeast.

 

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http://mtkisco.dailyvoice.com/news/national-weather-service-westchesters-winter-wont-be-so-bad