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Fixed Mortgage Rates Down Slightly | Bedford 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 reversing course and moving slightly lower for the week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.17 percent with an average 0.6 point for the week ending June 19, 2014, down from last week when it averaged 4.20 percent. A year ago at this time, the 30-year FRM averaged 3.93 percent.
  • 15-year FRM this week averaged 3.30 percent with an average 0.5 point, down from last week when it averaged 3.31 percent. A year ago at this time, the 15-year FRM averaged 3.04 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.00 percent this week with an average 0.4 point, down from last week when it averaged 3.05 percent. A year ago, the 5-year ARM averaged 2.79 percent.
  • 1-year Treasury-indexed ARM averaged 2.41 percent this week with an average 0.4 point, up from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.57 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.

“Mortgage rates were down slightly for the week ending on June 19, 2014. Meanwhile, housing starts in May were 6.5 percent below the revised April rate. Following a similar pattern, building permits fell 6.4 percent in May after a 5.9 percent increase a month earlier. Also, CPI rose 0.4 percent in May, more than expected, following a 0.3 percent rise in April.”

 

 

 

 

 

 

Here are the top 10 markets for luxury homes | Bedford NY Real Estate

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Despite reports of tight inventory across the nation, not all markets are struggling to survive. In fact, one market segment is reporting record growth, according the latest Redfin report.

This market is luxury homes for sale which are skyrocketing and are on pace to beat last year’s numbers.

Sales of the priciest 1% of homes are up 21.1% so far this year. This follows a gain of 35.7% in 2013.

Meanwhile, on the other side of the bridge, home sales in the remaining 99% of the market have fallen 7.6% in 2014.

Lawrence Yun, National Association of Realtors’ chief economist, noted in the most recent existing-home sales report from NAR, “Some growth was inevitable after sub-par housing activity in the first quarter, but improved inventory is expanding choices and sales should generally trend upward from this point. Annual home sales, however, due to a sluggish first quarter, will likely be lower than last year.”

But the one exception, Luxury Community Lots for Sale, paints a very different picture as 10 markets have already seen sales growth above 50% so far in 2014.

Click the next page to see the top 10 most expensive luxury markets.

10. Long Island, N.Y.:

The price to purchase home: $2,200,000

Average monthly mortgage payment: $8,787

9. Boston, Mass.:

The price to purchase home: $2,313,000

Average monthly mortgage payment: $9,239

Massachusetts

8. Ventura, Calif.:

The price to purchase home: $2,400,000

Average monthly mortgage payment: $9,586

7. San Diego, Calif.:

The price to purchase home: $2,400,000

Average monthly mortgage payment: $9,586

6. West Palm Beach, Fla.:

The price to purchase home: $2,466,000

Average monthly mortgage payment: $9,850

5. Miami:

The price to purchase home: $2,900,000

Average monthly mortgage payment: $11,583

Florida

4. San Jose, Calif.:

The price to purchase home: $3,380,000

Average monthly mortgage payment: $13,501

3. Orange County, Calif.:

The price to purchase home: $3,450,000

Average monthly mortgage payment: $13,780

2. Los Angeles:

The price to purchase home: $3,650,000

Average monthly mortgage payment: $14,579

1. San Francisco:

The price to purchase luxury homes: $5,350,000

Average monthly mortgage payment: $21,369

California houses

Here are the top 10 markets for luxury homes

Modular floating home can be built on land or water | Bedford NY Real Estate

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Buying a new home typically requires some research of the local area in order to understand where buyers will be living for the good few years to come, as well as whether the property is the right size for them. However, Czech architects have now created PORT X, a houseboat that can be customized with extra modules and anchored on both the river or land.

Designed by architects at Atelier SAD, the building is made up of interlocking sections of wood and laminate that can be customized with doors, windows, separating walls and balcony sections. Since PORT X is a modular structure, the individual pieces can be transported to any location and the building can be set up on site, meaning homeowners are free to live almost anywhere. The building is also a floating structure, meaning it can be anchored in a port and trailed by boat to another location. It can be used both as a home or an office, and a showcase version of PORT X was most recently seen on the Rašín river bank where people could get a feel for the structure and also view an exhibition of photographs by Ondřej Kavan.

portx2

The concept is similar to Belgium’s Sleeping Around — a shipping container hotel that can be transported to various locations around the world — but PORT X is now available for homeowners to buy. Are there other ways that modular structures can provide greater flexibility for living without sacrificing comfort?

 

 

https://smallbusiness.yahoo.com/advisor/modular-floating-home-built-land-water-155932101.html

 

Fixed mortgage rates hit highest level since mid-January | Bedford Real Estate

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Mortgage rates are quiet from last week and relatively unchanged, Freddie Mac said in its latest Primary Mortgage Market Survey.

The average 30-year, fixed-rate mortgage averaged 4.41% for the week ending April 3, slightly up from 4.40% a week ago, but drastically up from 3.54% a year earlier.

Furthermore, the 15-year, FRM also ticked up to 3.47%, a marginal increase from last week’s 3.42%, but up from 2.74% for the same period in 2013.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.12% this week, barely up from 3.10% a week prior, and up from 2.65% a year ago.

The 1-year Treasury-indexed ARM came in at 2.45% this week, rising from 2.44% last week and 2.63% for the same period a year ago.

“Mortgage rates were little changed amid a week of light economic reports. Of the few releases, real GDP was revised up slightly to 2.6 percent growth in the fourth quarter of 2013,” said Frank Nothaft, vice president and chief economist with Freddie Mac.

“The private sector added an estimated 191,000 jobs in March, which followed an upward revision of 39,000 jobs in February according to the ADP Research Institute. Also, the Institute for Supply Management reported the manufacturing industry rebounded from a soft February but was still below market consensus,” Nothaft continued.

Additionally, Bankrate noted that mortgage rates increased for the second consecutive week in a row.

 

 

http://www.housingwire.com/articles/29548-fixed-mortgage-rates-hit-highest-level-since-mid-january

 

How to Get the Best Home Loan for Your Needs | Bedford NY Real Estate

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Location, school ratings, number of bedrooms, outdoor spaces. These are the things potential homeowners focus on when they start house hunting. They’re all important factors, for sure. Even more crucial: How will you pay for your home?

 

Home loans are not a one-size-fits-all proposition. They differ based on their type, such as fixed or adjustable rate, and their loan term. Loans also vary in interest rate and annual percentage rate (APR).

To ensure you’re getting the best home loan for your situation, you’ll want to do your homework, talk to reputable credit counselors and lenders and follow these tips:

Fixed or adjustable?

There are two main types of mortgages: fixed rate and adjustable rate.

Most homeowners today opt for fixed-rate mortgages. With a fixed-rate mortgage, you are locked in to a set interest rate, resulting in monthly mortgage payments that remain the same for the entire term of the loan. The No. 1 benefit of this type of mortgage is inflation protection. If mortgage rates go up, your rate will not follow suit. Conversely, if rates drop, your interest rate will not drop. (Of course, you could refinance your mortgage if rates dropped significantly.)

Most lenders offer 15- and 30-year fixed mortgages, and some also offer 20-year terms. The longer the term of your fixed mortgage, the lower your monthly payment because you’re paying over many years. With a 30-year term, however, you will end up paying more interest over time.

A 15-year fixed mortgage will have a higher monthly payment because you’re paying for fewer years. On the other hand, you’re building equity at a faster rate and will pay less interest over the life of your loan. The shorter the term of your loan, the lower your interest rate will likely be.

An adjustable-rate mortgage (ARM) is a loan with an interest rate that will change over the life of the loan. ARMs have adjustment periods that determine how often their interest rates can change and they have initial “fixed” periods during which their interest rates won’t change at all — most often 3, 5 or 7 years. After this period, rates can readjust. These loans are often considered riskier because the interest rate and payments can increase when the loan adjusts. However, if you’re planning to live in your home for a shorter period of time, these loans may make sense for you, especially because you’re likely to obtain a lower interest rate than with a fixed mortgage.

 

 

http://homes.yahoo.com/news/best-home-loan-needs-224044975.html

Source: tribecca.ca/home-equity-loans-toronto/

In Tight Housing Market Baby Boomers Block Young Buyers | Bedford NY Real Estate

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Baby Boomer homeowners are cornering the housing market while potential young buyers are increasingly locked out. BBVA Compass research reveals recovering home values are boosting the equity of older homeowners, allowing them to buy new or second homes — many times with cash — while younger adults are faced with higher housing prices that exceed their buying power.

“For these prospective homebuyers, home prices have risen faster than their incomes during the recovery,” BBVA Compass economist Jason Frederick says in his 2014 housing outlook. “Currently, home prices are now on the high end of a historical relationship between median home prices and median family income, and young families will need to see faster income growth and save additional money to make a larger down payment.”

The report says that builders are more frequently targeting buyers age 55 and up due to their rising home equity and net worth, a factor that is likely contributing to the increase of all-cash transactions. About 42% of residential sales in December 2013 were all-cash purchases, up from just 18% in December 2012.

“Older homeowners are increasingly able to purchase a new residence with cash only after they sell their current home,” Frederick says. “One factor holding back the growth of owner-occupied homes has been weak purchase demand from young families and households. Many early-career professionals are saddled with high student debt burdens that constrain their capacity to borrow.”

But Frederick believes that late-career professionals and older homeowners will help sustain sales. Overall, he has a positive outlook for the housing market in 2014 as the economy slowly recovers; noting that home prices rose in all 50 states last year, delinquency rates have declined sharply, and the pace of foreclosures is slowing. His analysis projects…

 

http://www.mainstreet.com/article/real-estate/tight-housing-market-baby-boomers-block-young-buyers