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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 Move Slightly Lower

by Madeleine Tingen


Freddie Mac last week released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 5.07 percent with an average 0.6 point for the week ending April 15, 2010, down from the previous week when it averaged 5.21 percent.  Last year at this time, the 30-year FRM averaged 4.82 percent .

The 15-year FRM last week averaged 4.40 percent with an average 0.7 point, down from the previous week when it averaged 4.52 percent.  A year ago at this time, the 15-year FRM averaged 4.48 percent.

Last week Freddie Mac vice president and chief economist, Frank Northaft, made the following remarks. “After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low. The Federal Reserve (Fed) indicated in its April 14th regional business survey that consumer prices generally remained level and producers had difficulty passing along increases in some raw materials.  This will likely keep inflation at bay as evidenced by the 1.1 percent growth in core consumer prices for the 12-months ending in March 2010, which was the lowest annual increase since January 2004.”

Northaft further noted that, “Low mortgage rates continue to help stabilize the housing market.  The Fed noted that residential activity increased while home prices were stable across most of its 12 Districts over the six weeks prior to April 5th.  In addition, credit standards remained generally unchanged across the nation, while credit quality was mixed according to the report.”

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

The following is a statement made on March 18 by the National Association of Realtors® President Charles McMillan:

"The National Association of Realtors® applauds the Federal Reserve announcement today that it would purchase an additional $750 billion in Fannie Mae and Freddie Mac mortgage-backed securities and up to $300 billion in longer term Treasury securities.  This is great news for American home buyers and homeowners because mortgage interest rates will continue to remain at historic lows."

In addition McMillan said, "NAR has been advocating since last fall that the Fed be more active in buying mortgage-backed securities.  We are excited that the Fed acted on this provision of the stimulus plan that we offered to the government in November".

Further McMillan said, "Greater numbers of home buyers will be able to purchase a home, and homeowners facing challenges will be able to refinance into better terms.  We already are experiencing a great improvement in housing affordability due to historically low interest rates, and the Fed's move will push affordability conditions to the best level in 40 years.  In addition, continued low rates will lessen foreclosure pressure and help stabilize home prices sooner, as more Americans buy homes and draw down inventory."

The National Association of Realtors®, "The Voice for Real Estate, "is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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

 

Mortgage Rates at 37-Year Low

by Pistol Tingen

Rates on 30-year fixed mortgages have dropped to their lowest levels in at least 37 years.

Freddie Mac, the mortgage company reported this week that average rates on 30-year fixed-rate mortgages dropped to 5.19 percent, down from the year’s previous low of 5.47 percent set last week. The rate is the lowest since Freddie Mac’s weekly mortgage rate survey began in April 1971.

A daily survey found that the national average rate fell even lower on December 17 to 5.06 percent according to financial publisher HSH Associates, the lowest since the 1960s and down from 5.3 percent on December 16.

If you would like to know today’s current mortgage interest rates--or other real estate-related facts in the  Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Displaying blog entries 1-4 of 4

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

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