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Monday, April 6, 2015   /   by David Monroe

30-Year Rates Hold Steady at 3.70%

30-Year Rates Hold Steady at 3.70%

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 03, 2015


Fixed-rate mortgages fluctuated little this week, amid mostly calm economic and housing data, Freddie Mac reports in its weekly mortgage market survey.
"Mortgage rates were little changed this week, entering April about where we started the year," says Len Kiefer, deputy chief economist at Freddie Mac.
Freddie Mac reports the following national averages for the week ending April 2:

30-year fixed-rate mortgages: averaged 3.70 percent, with an average 0.6 point, rising from last week’s 3.69 percent. Last year at this time, 30-year rates averaged 4.41 percent.
15-year fixed-rate mortgages: averaged 2.98 percent, with an average 0.6 point, rising from last week’s 2.97 percent average. A year ago, 15-year rates averaged 3.47 percent.
5-year hybrid adjustable-rate mortgages: averaged 2.92 percent, with an average 0.5 point, holding the same average from last week. A ye ...

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Monday, April 6, 2015   /   by David Monroe

What's Trending Now in Real Estate

What's Trending Now in Real Estate

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 03, 2015


The spring selling season is in full swing. Here's a breakdown of what you and your clients need to know about the state of the housing market.
Home prices are surging
Price growth is only increasing, due to a lack of inventory in some markets. According to Lawrence Yun, NAR chief economist "Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels." Buyers in many areasneed to be prepared for an increased amount of competition due to low housing inventory this spring.
Mortgage rates hold steady
30-year fixed rate mortgages remain at 3.7 percent, but that is likely to change. "Low mortgage rates are a welcome sign for those in the market to buy a home this spring season and will help to support homebuyer affordability," says Len Kiefer, deputy chief economist at Freddie Mac. 
Sellers are needed ...

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Thursday, March 26, 2015   /   by David Monroe

Why Home Owners Need to Get Moving

Why Home Owners Need to Get Moving

DAILY REAL ESTATE NEWS | THURSDAY, MARCH 26, 2015


Do potential sellers in your market need convincing? An article in CNNMoney recently highlighted several reasons why this spring would be the perfect time for home owners to get off the fence. After all, many markets across the country are still tilting in sellers’ favor. Here’s why:

Less competition: A limited number of homes on the market will help sellers nab top dollar, and may even spur bidding wars and multiple offers. The National Association of REALTORS® reports that inventory levels nationwide were at a 4.6-month supply in February. A balanced market is considered to fall between a five- to seven-month supply.
Mortgage rate hikes loom: Mortgage rates are still sitting near historical lows, with the 30-year fixed-rate mortgage hovering under 4 percent. The low rates have helped push more buyers into the marketplace, but they co ...

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Wednesday, March 25, 2015   /   by David Monroe

Most Millennials Unaware of Closing Costs

Most Millennials Unaware of Closing Costs

DAILY REAL ESTATE NEWS | WEDNESDAY, MARCH 25, 2015


Closing costs might come as a surprise to many buyers, especially young adults. Two-thirds of millennials – those between the ages of 18-34 – who plan to buy a home say they were unaware of closing costs, finds a new survey of more than 1,000 adults conducted by ClosingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate industries.

Read more: Mortgage Closings to Get Easier in 2015?

What’s more, more than one-third of potential home owners – across all age brackets – say they’re “not very” or “not at all” aware of closing costs. Closing costs can come as a big surprise, which can often amount to 2 to 5 percent of the total purchase price of a home.
"This study emphasizes the need to better educate millennials, and really all consumers in general, on the real ...

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Tuesday, March 24, 2015   /   by David Monroe

5 Spring Home Buying Strategies

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5 Spring Home Buying Strategies

DAILY REAL ESTATE NEWS | TUESDAY, MARCH 24, 2015


The spring home-buying boom is underway, and this year buyers in some markets will face an increased amount of competition due to low housing inventory. In fact, the most recent existing-home sales report from the National Association of REALTORS® cautions that "Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices."

Spring: A Good Time to Sell
The Best Seasons to Sell a Home
REALTORS® More Confident for the Spring

Real estate professionals around the country are echoing the concern about the lack of available housing options. "The [housing] recovery appears slow due to a lack of inventory and a low participation rate among first-time buyers, but it’s still a competitive seller’s market," says David Yocum, a Redfin agent from Chicago.
In ord ...

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