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Interest Rates Stop Falling and Start Rising

by Pistol Tingen

After a slow steady decline, interest rates started to head up this week. But they're still incredibly low and with home prices still down, it's a great time to buy.

Mortgage Rates Reach Lowest Level of 2010

by Madeleine Tingen

Today Freddie Mac released the results of its Primary Mortgage Market Survey® in which the 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending May 13, 2010, down from last week when it averaged 5.00 percent. At this time last year, the 30-year FRM averaged 4.86 percent. The 30-year FRM has not been lower since the week ending December 10, 2009, when it averaged 4.81 percent.

The 15-year FRM this week averaged 4.30 percent with an average 0.6 point, down from last week when it averaged 4.36 percent. One year ago at this time, the 15-year FRM averaged 4.52 percent. The 15-year FRM has not been lower since the week ending December 3, 2009 when it averaged 4.27 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.95 percent this week, with an average 0.6 point, down from last week when it averaged 3.97 percent. A year ago, the 5-year ARM averaged 4.82 percent. The 5-year ARM has not been lower since Freddie Mac started tracking the 5-year ARM in January of 2005.

The 1-year Treasury-indexed ARM averaged 4.02 percent this week with an average 0.6 point, down from last week when it averaged 4.07 percent. At this time last year, the 1-year ARM averaged 4.71 percent. The 1-year ARM has not been lower since the week ending November 4, 2004, when it averaged 4.00 percent.

Frank Nothaft, Freddie Mac vice president and chief economist, announced that interest rates on fixed-rate mortgage have declined for the 5th straight week.
The National Association of Realtors noted that the median house prices are recovering in more local areas in the latest quarter.

For the most current information on mortgage rates and real estate in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.


For the week ending January 8, 2009, Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 5.01 percent with an average 0.6 point. The new, low rate  is down from last week when it averaged 5.10 percent.  Last year at this time, the 30-year FRM averaged 5.87 percent.  The 30-year FRM has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971.

the 15-year FRM this week averaged 4.62 percent with an average 0.7 point, down from last week when it averaged 4.83 percent.  A year ago at this time, the 15-year FRM averaged 5.43 percent.  The 15-year FRM has not been lower since June 13, 2003, when it averaged 4.60 percent.

According to Frank Nothaft, Freddie Mac vice president and chief economist, "Interest rates for 30-year fixed-rate mortgages fell for the tenth week to a fourth consecutive record low due in part to the Federal Reserve's recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae."  He added, "On November 25, 2008, the Federal Reserve announced that it planned to purchase up to $500 billion of these securities by the end of June of this year." For the sake of comparison, there were roughly $4.7 trillion of such securities backed by home mortgages available as of September 30, 2008.

If you are interested in taking advantage of these record-breaking, low interest rates and purchasing property in the Pitt County or Greenville, NC area, please contact The Pistol Tingen Team at 252-321-6161.

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

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