Tag Archives: financing

Mortgage Rates Lowest in 50 Years… according to Freddie Mac

Friday, 19 August 2011 08:00

Written by Lane Bailey

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Image via Wikipedia

Freddie Mac issued their Primary Mortgage Market Survey yesterday, and the rates are unbelievable. Let me click off a few quotes from the Press Release.

30-year fixed-rate mortgage (FRM) averaged 4.15 percent with an average 0.7 point for the week ending August 18, 2011, down from last week when it averaged 4.32 percent. Last year at this time, the 30-year FRM averaged 4.42 percent.

15-year FRM this week averaged 3.36 percent with an average 0.6 point, down from last week when it averaged 3.50 percent. A year ago at this time, the 15-year FRM averaged 3.90 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08 percent this week, with an average 0.5 point, down from last week when it averaged 3.13 percent. A year ago, the 5-year ARM averaged 3.56 percent.

1-year Treasury-indexed ARMaveraged 2.86 percent this week with an average 0.6 point, down from last week when it averaged 2.89 percent. At this time last year, the 1-year ARM averaged 3.53 percent.

I guess that is the upside of economic stagnation. And when combined with the amazing prices on homes in the market right now, it makes for a GREAT time to buy property. Assuming that you don’t have to sell first.

And that is the flip side. Many would be buyers are sidelined because they can’t afford to sell their current home. The best they can hope for is to re-finance with the low rates… of course, that isn’t helping those that have a need to relocate.

4.15% mortgage rate lowest ever for Freddie Mac survey (seattletimes.nwsource.com)
Mortgage rates fall to record lows, Freddie Mac says (oregonlive.com)
Mortgages: Mortgage rates hit record lows: Freddie Mac (marketwatch.com)
Freddie Mac: 30-Yr Fix Rate Mtg Hits All-Time Low;Spurs Refis (forexlive.com)
Mortgage rates drop to record lows (marketwatch.com)

A Short Round-Up… Articles of Interest.

Monday, 27 June 2011 08:03

Written by Lane Bailey

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Image by thinkpanama via Flickr

There are a lot of blog posts and articles over the course of an average week… and you can’t get to them all. So, here are some home-related links that might be of interest.

Pruning Your Landscaping Costs

Cash Buyers Getting the Sweetest Deals?

“Shadow Inventory” Fading

40 Essential First Time Home Buyer Blogs (doorfly.com)
Best Crepe Myrtle Pruning Time: When To Prune Crepe Myrtle (secondnaturetn.wordpress.com)
6 Tips for Buying a Home in a Short Sale (johnallenchambers.wordpress.com)
A little on The Advantages of Real Estate. (dondeluxeinspirations.wordpress.com)
The Return of Real Estate (nchomesbylarryt.wordpress.com)

Gwinnett Homestretch Program

Thursday, 03 February 2011 08:05

Written by Lane Bailey

1 Comment

Ken Cook and I are working with Gwinnett Homstretch Down Payment Assistance. As a buyer, you need to have $1000 going into the purchase, but Gwinnett Homestretch may contribute up to $7,500, if you qualify. There are a few things to keep in mind:

It is paid as a 0% loan, which will be forgiven after 5 years of using the property as your principal residence. In effect, that makes it a grant… there are no payments due during the 5 years.
You will be required to complete an 8-hour counseling class from a HUD approved Housing Counseling Agency.
Total household income must not exceed HUD lmits, based on household size. Households range from 1-8 people.
- 2 people – HUD max is $46,000
- 4 people – HUD max is $57,450
- There are different income maximums for other household sizes.
Investors are NOT eligible for this program.
The home MUST pass an inspection by Gwinnett County PRIOR to closing.
Purchase Price may NOT exceed $200,000.

There are other requirements, such as being able to qualify for a mortgage. Contact Ken and I for details.

We’d love to help you buy a home. There are great deals on the market right now, and interest rates are exceptional.

For more info, click here. There are other Down Payment Assistance programs available around the Metro Atlanta area.

Gwinnett County GA Overall Market Report… November, 2010 (lanebailey.com)
Gwinnett County Schools Get $1M Scholarship (gwinnettgarageguy.com)

Flashback Friday… Tax Credit Gambling

Friday, 12 November 2010 08:24

Written by Lane Bailey

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: Image via Wikipedia

This week last year, the biggest news in housing was all about the Tax Credit expansion and extension. It went from just being for First Time Home Buyers to allowing existing home owners to get a credit also.

Those credits finally expired in April (with closing mostly by June).

Looking back on the market reports for the last year, the effect of the tax credits is pretty obvious. And I wouldn’t call it all a good thing. There certainly was an increase in closed sales leading up to the original June deadline. But, there was a VERY sharp fall off in almost all markets in July through September (and more current data isn’t available yet). Sales were well below last year for the same periods. Of course, there was another tax credit at that time, so it may be hard to judge.

The fear for those of us in the real estate business that weren’t thrilled with the credit was that it was “stealing buyers from the future”. It wasn’t creating new buyers, but just altering the time table. That theory is borne out by the data we’ve seen so far… sales dumped after the credit expired.

For those that pushed for the credit, there was an expectation that it would “jump-start” the housing market. It did, but as soon as the cables came off, we saw that the battery was still dead…

: Image via Wikipedia

Personally, I am of the opinion that the way to boost the housing market is with sustainable private sector jobs. When people aren’t worried about the pay check next month, they are more likely to think about buying a home.

However, right now, interest rates are amazing and home prices are too. I have been in a few homes in the last couple of weeks with prices that were just shockingly low. And my mortgage guy is working on a loan for someone WITHOUT perfect credit with a rate in the low 4% range… Another client (with EXCELLENT credit and a 15 year loan) was in the high 3% range. (Please keep in mind that there are a LOT of variables that determine your interest rate… talk with a mortgage pro).

Solar and Federal Tax Credits for Residential Systems (solarfeeds.com)
Flashback Friday… Mortgage Thoughts… (lanebailey.com)
Flashback Friday… Bankrupt Subdivisions… (lanebailey.com)
This is what I feared… Gwinnett Market Report – July, 2010 (gwinnettgarageguy.com)

Flashback Friday… Mortgage Thoughts…

Friday, 29 October 2010 08:43

Written by Lane Bailey

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Ken is on the right Image by The Ken Cook via Flickr

Over the last few weeks I have worked with a few buyers that have had questions about mortgages, pre-approvals and “the process”… Oddly, as I was looking for a post from last year, I stumbled onto a collection of Ken Cook (the mortgage dude, not the weather dude) posts I had highlighted about those very things.

I assembled a few quotes from 3 of Ken’s (then) recent posts and linked back to them for more info. He puts out a LOT of great info about the mortgage side of real estate, and he is my “GoTo Guy” for financing.

So, wander back and see a few “Mortgage Thoughts from Ken…“. Let me know what you think.

Why sourcing gift funds is crucial (gwinnettgarageguy.com)

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Tag Archives: financing

Mortgage Rates Lowest in 50 Years… according to Freddie Mac

A Short Round-Up… Articles of Interest.

Gwinnett Homestretch Program

Flashback Friday… Tax Credit Gambling

Flashback Friday… Mortgage Thoughts…

Custom Listings

What's YOUR Home Worth?

Browse Listings

Follow Me on Pinterest

Tag Archives: financing

Mortgage Rates Lowest in 50 Years… according to Freddie Mac

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A Short Round-Up… Articles of Interest.

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Gwinnett Homestretch Program

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Flashback Friday… Tax Credit Gambling

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Flashback Friday… Mortgage Thoughts…

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