Archive for the 'What If Realty News' Category
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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Helpful information on Home Buyer Tax Credits
Related Posts: Credit & Finance, Government, Real Estate News, Real Estate Sales, What If Realty News
hiHere are some helpful things the IRS wants you to know about the credits.
• The credits are available only to buyers purchasing primary residences. The IRS defines this has the residence where you spend most of your time.
• There are two credits available. One is for first-time buyers, or those who have not owned a home in the past three years. The maximum for this credit is $8,000 and, unlike a previous credit, this one does not have to be paid back. It applies to purchases made this year between Jan. 1 and April 30.
• The government broadened the credit in November to include some buyers who already own houses. Those buyers are eligible for a credit worth up to $6,500 for purchases made between Nov. 7 and April 30. In order to qualify, the buyer must have owned a primary residence for at least five consecutive years out of the past eight years. This credit also does not need to be paid back.
• There are income and price requirements. If the home was purchased after Nov. 6, it can cost no more than $800,000. Also, if purchased after that date, individuals cannot earn more than $125,000 and married couples filing jointly cannot earn more than $225,000.
• You don’t have to wait until 2010 to claim your credit, even if you buy this year. Purchase a home before the April 30 deadline and the credit can be claimed on this year’s taxes.
• If you’re claiming the credit, a paper filing is necessary. Only taxpayers not claiming the credit can file electronically. Dobzinski said buyers can still use electronic forms, but must print them out and mail them in, along with form 5405.
• Unlike last year, buyers claiming the credit must prove they are eligible. This is because some people filed for the credit last year, even though they had not purchased a home. You’ll need to send the HUD settlement statement along with the tax form. If you’re claiming the longtime owner credit, also include proof, such as copies of mortgage interest statements, property tax records or homeowner’s insurance records.
• Keep in mind that the credit is for your primary home. If you decide to rent or sell the home within three years, the credit must be repaid.
• Buyers claiming the credit will have to wait longer than usual to get the credit because of the need to file by paper. Expect to wait four to eight weeks, instead of the typical two weeks when filing electronically.
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30-year Fixed Rate at 5.22 Pct
Related Posts: Credit & Finance, Government, What If Realty News
hiThe average rate on a 30-year fixed rate mortgage was 5.22 percent, down from last week, when it was 5.25 percent. Last year at this time, the 30-year fixed rate mortgage rate averaged 6.52 percent.
Low mortgage rates can spur refinance activity and make homebuying more attractive.Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.
The average rate on a 15-year fixed-rate mortgage fell to 4.63 percent from 4.69 percent last week.
Rates on five-year, adjustable-rate mortgages averaged 4.73 percent, down from 4.75 percent last week. Rates on one-year, adjustable-rate mortgages dropped to 4.78 percent from 4.8 percent.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.6 point for every loan in the survey except for one-year adjustable rate mortgages, which averaged 0.5 point.
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What about Jumbo Loan?
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hiSource: San Francisco Chronicle, Kathleen Pender (04/23/09)
© Copyright 2009 Information Inc.
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Home prices Click up a little………..
Related Posts: Florida Listings, Real Estate News, Real Estate Sales, What If Realty News
hiWASHINGTON, DC – March 25, 2009 – U.S. home prices rose 1.7 percent on a seasonally-adjusted basis from December to January, according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index. In December, the FHFA first reported a 0.1 percent increase, which was later revised to a 0.2 percent decline. FHFA (www.fhfa.gov) regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks as authorized by the Housing and Economic Recovery Act of 2008.
For the 12 months ending in January, U.S. prices fell 6.3 percent, and the U.S. index is 9.6 percent below its April 2007 peak.
The FHFA monthly index is calculated using the purchase price of houses sold or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions, seasonally-adjusted monthly price changes from December to January ranged from -0.9 percent in the Pacific Division to +3.9 percent in the East North Central Division.
Month-to-month changes in the geographic mix of sales activity explain most of the unexpected rise in prices in January. Home sales disproportionately occurred in areas with the strongest markets, according to the release issued by FHFA. “While it is difficult to perfectly control for changing geographic mix in estimating house price indexes, the data suggest that if one were to remove those effects, the change in home prices in January, while still positive, would have been far less dramatic,” according to the FHFA release.
Reported sales volume, in absolute terms, was relatively low in January. As a result, the FHFA warns that relatively large revisions could occur later
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