Since my last mortgage update, Triangle NC mortgage rates and pricing has continued upward. Maybe mortgage heaven is over now, as we’ve known it the last two years. As a comparison to my May 22, 2013 post, a fixed 30 year mortgage rate for a 60 day lock with a 740 minimum credit score, with escrows for taxes and insurance – -3.5% @ 98.00 = 3.5% +2+1 (3.757 APR) — this is paying two discount points plus 1% origination fee. On a $300,000.00, this is $9,000.00 in closing costs. I don’t recommend you do that…unless someone else is paying those costs. Is mortgage rate heaven over? June 3, 2013 new normal mortgage rates are closer to: -3.875% (3.968 APR) with origination fee. -4.00% (4.093 APR) without origination fee. -4.125% (4.139%) with no closing costs for loans $200,000.00 and up. Of course these mortgage rates change daily and this post is an illustration of how quickly rates can change. With today’s volatility, fast lock decisions are required. This mortgage rate increase make my April 25, 2013 post even more of a consideration:
Source: trulia.com
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Money market account and rates in Durham, North Carolina
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Source: bankrate.com
Mortgage Rates, Affordability and Foreclosures at Crystal Coast of NC
“Since the Federal Reserve can just create dollars out of thin air, it can buy up assets like long-term Treasuries or mortgage-backed securities from commercial banks and other institutions. This pumps money into the U.S. economy and reduces long-term interest rates further. When long-term interest rates go down, investors have more incentive to spend their money now. In theory,” reports Brad Plumer of the Washington Post.
Source: hitchcockrealty.net
North Carolina Mortgage Rates Fall Below National Average
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Source: hendersonproperties.com
Mortgage Rates Up Slightly According to ForTheBestRate.com
The weekly survey of mortgage rates released by Freddie Mac, a government sponsored enterprise and purchaser of mortgage loans on the secondary market, on Thursday, May 9th, 2013 also revealed the uptick in pricing. The data showed that 30 year fixed mortgage rates rose to an average of 3.42% (0.7 points), up slightly from 3.35% (0.7 points) the week before. 15 year fixed rates were also up a bit on average to 2.61% (0.7 points) from 2.56% (0.7 points) one week earlier. 5 year adjustable rate pricing moved to 2.58% (0.5 points) on average, up from 2.56% (0.5 points.)
Source: ud.biz
Chapel Hill 30 year fixed rate mortgage in Raleigh Cary Durham Chapel Hill
A report from the Wall Street Journal shows the Housing Market is beginning to heat up. Home prices remain low compared to levels of income, and although prices have rebounded nicely, they are still 30% below the 2006 peak. This suggests a big opportunity ahead for the Housing Market. In fact, there is an eerily similar pattern to what happened in the Stock Market. A look at the image shows both housing and stocks traced and almost identical decline, bottom, and bounce. Since then, stocks have gone on to much higher levels. What if housing takes a similar path?
Source: mortgagechoice.com
Charlotte NC foreclosures down
The Case-Shiller data for April came out yesterday and, based on this information and the May 2013 Zillow Home Value Index (released last week), we predict that next month’s Case-Shiller data (May 2013) will show that the 20-City Composite Home Price Index (non-seasonally adjusted [NSA]) increased 12.1% on a year-over-year basis, while the 10-City Composite Home Price Index (NSA) increased 12.2% on a year-over-year basis. The seasonally adjusted (SA) month-over-month change from April to May will be 1.3% for the 20-City Composite and 1.6% for the 10-City Composite Home Price Indices (SA). All forecasts are shown in the table below. Officially, the Case-Shiller Composite Home Price Indices for May will not be released until Tuesday, July 30.
Source: smartrealestateinvesting.com
10 Canary Lane, Hayesville, NC
Lake Front A-Frame. This cute and cozy rustic 3 bedroom home on Lake Chatuge has great lake frontage, wood interior, mature landscaping and would be perfect for a weekend getaway, seasonal rental or year round home. YOU MAKE THE CALL ONE OR ALL.
Source: sonjasilversrealtygroup.com
15 Year Fixed Mortgage Rates Reach New Record Low According to ForTheBestRate.com
Mortgage rates for the most popular programs were down on average this week reports mortgage rate research website, ForTheBestRate.com, allowing many home buyers and home owners to finance the purchase of or refinance a home at an extremely low cost. On Friday, April 26th, 2013 30 year home loan rates as low as 3.000% (APR: 3.157%, Points: 1.500, Fees in APR: $ 795, Lender: US Wide Financial) were advertised in the rate tables on the website. 15 year fixed rates were posted as low as 2.375% (APR: 2.452%, Points: 0.000, Fees in APR: $ 896, Lender: Home Loan Enterprises,) and 5/1 ARM interest rates as low as 2.375% (APR: 2.572%, Points: 0.000, Fees in APR: $ 750, Lender: WCS Lending) were advertised.
Source: riskbub.com
Highlands NC Real Estate, Upward Momentum Continues
The real estate tracking website Trulia.com shows an increase in sales volume for Highlands homes of 29.6% for the three week period of May 29th through June 19th, compared with the same three week period a year ago. At the same time the average price per square foot is up dramatically. The data suggests that a year ago distressed property sales may have artificially decreased home values. Buyers are clearly seeing opportunity in buying Highlands homes.
Source: meadowsmtnrealty.com
Ohio Trio Charged with North Carolina Mortgage Fraud Scam
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Source: mortgagefraudblog.com
May home sales and price report
throughout the state, and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. Due to the low sales volume in some areas, median price changes in January may exhibit unusual fluctuation. The change in median prices should not be construed as actual price changes in specific homes.
Source: car.org