Average Mortgage Rates Eased Lower + Home Prices UP!

Here is the gist of it: Freddie Mac says that for the second week in a row, the average fixed mortgage rates have eased up.  What does that mean? Well, the 30-year FRM averaged 4.31% as of July 25th, which is down from 4.37% the week before. Even though we were looking much better this time last year with a cool 3.49% for the 30-year, the current 4.31% isn't that bad! Yes, the economists have been concerned about the recovery of the housing  market slowing down after its been rapidly improving over the past year. However, sales for existing homes in June reached the second-highest level that its been at since November 2009, and new home sales are now as strong as they've been since May 2008. What does that mean? People are still buying and selling houses. There is currently a...

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Foreclosure Market Report

According to RealtyTrac's Midyear 2013 Foreclosure Market Report, there were a total of 801,359 properties across the U.S. that have foreclosure filings in the first half of 2013. That signifies a 19% decrease from the previous six months. It is also down by 23% from the first half of 2012. While there are so many programs today geared toward helping Americans avoid foreclosure, the report shows that 0.61% of all housing units in the country has had at least one foreclosure filing between January and June 2013, which accounts for 1 in 164 homes. “Halfway through 2013 it is becoming increasingly evident that while foreclosures are no longer a problem nationally they continue to be a thorn in the side of several state and local markets, particularly where a backlog of delayed distress has...

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How Are The Mortgage Rates Doing?

Two weeks ago, the average fixed mortgage rates saw their highest levels since mid-2011. This has made homebuyers weary of making their move. However, there is some good news. Last week, Freddie Mac's Primary Mortgage Market Survey said that the 30-year rates have dropped back down to 4.29 percent (from 4.46 two weeks ago.)  We realize these aren't ideal considering last year they were at 3.62 percent. Over the Fourth of July weekend,,the rates fell due to an ease of market concerns about the Federal Reserve's pullback in bond purchases.  It is important to remember that even though rates are higher now than they have been in the past year, these rates are still low by historical standards. Even in the 4th percentile, we should continue to see people benefiting from housing affordability...

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