Archive for July, 2010
How low will it go……4.58% is the 30 year fixed rate !
Related Posts: Credit & Finance, Government, Mortgage Money, What If Realty News
hiU.S. mortgage rates fell for the second straight week to the lowest level in five decades, as a refinancing boomlet took hold.
Mortgage company Freddie Mac reports that the 30-year fixed-rate mortgage (FRM) average 4.57 percent, down from last week when it averaged 4.58 percent. That’s the lowest level since Freddie Mac began tracking rates in 1971. Last year at this time, the 30-year FRM averaged 5.20 percent.
The 15-year FRM this week averaged 4.07 percent, up from last week when it averaged 4.04 percent. That was the lowest on records dating to September 1991. A year ago at this time, the 15-year FRM averaged 4.69 percent.
Average rates on one-year adjustable-rate mortgages fell to 3.75 percent from 3.80 percent.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for all types of loans in Freddie Mac’s survey averaged 0.7 a point.
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House extends homebuyer credit 3 months
Related Posts: Credit & Finance, Real Estate News, Real Estate Sales
hiHomebuyers would get an extra three months to complete their purchases and qualify for a generous tax credit under a bill overwhelmingly passed by the House on Tuesday. Under current law, homebuyers who signed purchase agreements by April 30 have until today, June 30, to close on the sale to qualify for tax credits of up to $8,000. The bill would give buyers until Sept. 30 to complete their purchases. The extended deadline only applies to people who signed purchase agreements by April 30. The National Association of Realtors estimates that about 180,000 homebuyers who already signed purchase agreements are likely to miss the deadline.The bill passed 409-5. It now goes to the Senate, where senators were working Tuesday evening on a bill that would extend the tax credit and extend unemployment benefits for workers who have been laid off for long stretches. The Senate could vote on its bill as early as this week – if senators can round up 60 votes to overcome a filibuster. The popular tax credit has helped to stabilize the nation’s slumping housing market. Nearly 3 million taxpayers claimed the tax credit through May 22 – claiming more than $21 billion – according to the Treasury Department. The Realtors group says the tax credit has generated 1 million new home sales that wouldn’t have happened otherwise. The tax credit for first-time homebuyers was part of President Barack Obama’s economic recovery package enacted last year. In November, Congress extended the credit and expanded it to longtime owners who bought new homes. First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.Delays with mortgage lending and appraisal companies have meant that home sales are taking far longer to complete this year.
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Home prices rise 0.8% in April from March
Related Posts: Real Estate News, Real Estate Sales
hiNationwide Home prices in April rose for the first time in seven months as government tax incentives helped to bolster the housing market. Nationally, prices have risen 3.8 percent from their April 2009 bottom. But they remain 30 percent below their July 2006 peak.The Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday posted a 0.8 percent gain. It had fallen in each of the past six months. Eighteen of 20 cities showed price increases month over month. Only Miami and New York recorded price declines. The gains highlight the impact of the federal tax credits for homebuyers. Buyers rushed to purchase before the tax credits expired at the end of April.
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