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30-Year Mortgage Rates Below 5% for Fifth Straight Week

by Pistol Tingen

Homebuyers, homeowners and investors are witnessing the fifth straight week where 30-year mortgage rates average below 5%.  Rates dipped this week after rising a week earlier and remain just above record lows.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages fell to 4.82% this week from an average of 4.87% last week.  Rates have been below 5% for five consecutive weeks.

The all-time low of 4.78% was recorded on the week of April 2. Freddie Mac’s survey dates back to 1971.

Low rates have created a surge in refinancing activity, with nearly 80% of new home applications coming from borrowers seeking to refinance.  Freddie Mac’s sibling company, Fannie Mae, refinanced $77 billion in loans last month--nearly double February’s level and the best month for such activity since 2003, when the housing market was still surging.

According to Frank Nothaft, Freddie Mac’s chief economist, “The housing industry is starting to exhibit some positive signs.” But Nothaft noted in a statement that the signs were “scarce and too early to tell how permanent.”

Homebuilders are feeling a lot more optimistic that the worst housing downturn in decades may be finally starting to turn around. An index of builders’ confidence released Wednesday posted its biggest one-month jump in five years in April as many homebuyers seized on lower prices and incentives, and took advantage of lower interest rates and tax credits.

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.

For the most up-to-date mortgage and real estate information for the Greenville, NC and Pitt County area, please contact The Pistol Tingen Team at (252) 321-6161.

  2008                                                           2009
 
Single Family Homes
320 Closed                                          189 Closed (-40.9%)
$183,115 Average Sales Price          $168,285 Average Sales Price 
 
Townhomes                                              
102 Closed                                            52 Closed (-49%)  
$90,646 Average Sales Price            $97,044 Average Sales Price
 
Condominiums                                         
20 Closed                                              11 Closed (-45%)  
$97,356 Average Sales Price            $86,609 Average Sales Price

If you would like to know more information about the Pitt County-Greenville, NC real estate market, please contact The Pistol Tingen Team at (252) 321-6161.

Greenville, NC Ranked #2 City by Forbes Magazine

by Pistol Tingen

In a special report released on March 25 by Forbes Magazine, Greenville, NC ranked second in the category of the nation’s Best Small Metropolitan Area for Business and Careers.  Greenville is the 10th largest city in North Carolina. In 2008 Greenville ranked eighth in the same category by Forbes Magazine. 

Growth and stability continue for the developing city of Pitt County.  Research from East Carolina’s School of Business indicates that the local work force grew by more than 14 percent over the past five years—that’s more than double the growth experienced by the state as a whole.  Employment is essentially spread across these three sectors:  education, healthcare and manufacturing.

Education is the economy’s main engine. With an operating budget of close to $600 million, East Carolina University employs a diverse group of over 5,000 people, while Pitt Community College has more than 800 faculty and staff members.  The 6,000 people who work at University Health Systems of Eastern Carolina include over 400 physicians.  The approximately 100 manufacturing companies in the county employ 9,000 people.

In the larger metropolitan category, Forbes Magazine ranked Raleigh, NC as the nation’s top city for the third straight year -- awarded for its strong job growth, low business costs and highly educated workforce.

If you are interested in learning more about the Greenville, NC - Pitt County area—and especially relocation and real estate information, please contact The Pistol Tingen Team at (252) 321-6161.

Displaying blog entries 1-3 of 3

BERKSHIRE HATHAWAY HomeServices Prime Properties,   Greenville, NC, 2625 Charles Blvd.

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