Monthly Archives: September 2016

Custom Home Building Steady | North Salem Real Estate

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NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates that the number of custom home building starts (homes built on an owner’s land, with either the owner or a builder acting as the general contractor) posted a slight increase on a year-over year basis as of the second quarter of 2016. There were 47,000 total custom starts for the quarter, compared to 45,000 for the second quarter of 2015.

Over the course of the last four quarters, there were 167,000 total custom single-family home construction starts, most of the families have decided to use this online 3d viewer that allows you to invite clients inside. Note that this definition of custom home building does not include homes intended for sale, so the analysis uses a narrow definition of the sector.  A rear entry garage provides shelter for two vehicles. If you’re looking for a modern house with building automation that fits a narrow lot, this one packs quite a punch!

As measured on a one-year moving average, the market share of custom homes building in terms of total single-family starts is now 22%, down from a cycle high of 31.5% set during the second quarter of 2009.

custom 2q

The onset of the housing crisis and the Great Recession interrupted a 15-year long trend away from homes built on the eventual owner’s land. As housing production slowed in 2006 and 2007, the market share of this not-for-sale new housing increased as the number of single-family starts declined. The share increased because the credit crunch made it more difficult for builders to obtain AD&C credit, thus producing relatively greater production declines of for-sale single-family housing.

The market share for custom home building will likely experience ups and downs in the quarters ahead as the overall single-family construction market expands. Recent declines in market share are due to an acceleration in overall single-family construction.

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http://eyeonhousing.org/2016/08/custom-home-building-steady/

Mortgage rates average 3.46% | Bedford Realtor

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving slightly higher for the week. Regardless, mortgage rates remain near their all-time record lows.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.46 percent with an average 0.5 point for the week ending September 1, 2016, up from last week when it averaged 3.43 percent. A year ago at this time, the 30-year FRM averaged 3.89%.
  • 15-year FRM this week averaged 2.77 percent with an average 0.5 point, up from last week when it averaged 2.74 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week with an average 0.4 point, up from last week when it averaged 2.75 percent. A year ago, the 5-year ARM averaged 2.90 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.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 10-year Treasury yield inched up in response to Fed Chair Janet Yellen’s speech last Friday then settled near last week’s average. The 30-year fixed-rate mortgage rose 3 basis points to 3.46 percent. Mortgage rates have hovered between 3.41 and 3.48 percent for the past ten weeks.”

#Mortgage rates down slightly | Waccabuc Real Estate

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Like the rest of us suffering through August’s oppressive heat, mortgage rates have been disinclined to move much.

There just hasn’t been enough positive or negative economic data recently to have an effect on rates. Even the Federal Reserve minutes, which were released Wednesday, provided no clear signal. They showed the central bank remains divided on when to raise interest rates again.

Without much guidance, home loan rates have been listless. Since late June, the 30-year fixed-rate average — the most popular mortgage product — has been stuck between a high of 3.48 percent and a low of 3.41 percent.

In its most recent monthly outlook, which was released earlier this week, Freddie Mac projected mortgage rates would remain below 4 percent not only for the rest of this year but also next year. The government-backed mortgage-backer revised its 2017 forecast for the 30-year fixed rate to 3.7 percent.

Bankrate.com, which puts out a weekly mortgage rates trend index, found that three-quarters of the experts it surveyed believe rates will remain relatively unchanged in the next week, moving no more than plus or minus two basis points (a basis point is 0.01 percentage point) in the next week.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 3.43 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.45 percent a week ago and 3.93 percent a year ago. The 30-year fixed rate has remained below 3.5 percent the past two months.

The 15-year fixed-rate average fell to 2.74 percent with an average 0.5 point. It was 2.76 percent a week ago and 3.15 percent a year ago.

The five-year adjustable rate average crept up to 2.76 percent with an average 0.4 point. It was 2.74 percent a week ago and 2.94 percent a year ago.

“For eight consecutive weeks mortgage rates have ranged between 3.41 and 3.48 percent,” Sean Becketti, Freddie Mac chief economist, said in a statement. “Inflation is not adding any upward pressure on interest rates as the Bureau of Labor Statistics reported that the Consumer Price Index was unchanged in July.”

Meanwhile, mortgage applications were lower this week, according to the latest data from the Mortgage Bankers Association.

The market composite index — a measure of total loan application volume — fell 4 percent from the previous week. The refinance index decreased 4 percent, while the purchase index dropped 4 percent.
The refinance share of mortgage activity accounted for 62.6 percent of all applications.

“Application volume dropped across the board for both refinance and purchase loans last week, despite little change in rates,” said Mike Fratantoni, MBA chief economist. “Refinance volume continues to tail off its recent highs as markets return to normal post Brexit. As for home purchases, the strong job market and still very low rates continue to support volume almost 10 percent higher than this time last year, despite last week’s dip.”

 

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https://www.washingtonpost.com/news/