Posts Tagged ‘mortgage rates’
Thursday, August 16th, 2012
Recently, the National Association of Realtors (NAR) posted these 4 reasons to buy a home now. They are pretty good reasons!
1. The price is right. The median single-family home price hit its lowest in more than a decade when it reached $154,600 in January, according to the National Association of REALTORS®. That was the lowest since October 2001. During the height of the housing market in July 2006, the median home price for a single-family home was $230,900.
2. It’s cheaper to buy than rent. In nearly every major metro market, it is cheaper to buy a home than rent. Rents have been on the rise the last few years and are predicted to continue to rise. Meanwhile, home affordability is at record highs, which means that buying a home is more within reach to the median income family.
3. Inventories of for-sale homes are shrinking. Ned Davis Research estimates that excess inventories of homes to be eliminated by the end of next year. “When excess supply dries up, people start building more new houses, which has the virtuous effect of reducing the unemployment rate and increasing the economy generally,” according to the USA Today article.
4. Mortgage rates are at record lows. Mortgage rates have hovered near record lows for weeks, which have helped pushing housing affordability higher. For example, the average 30-year fixed-rate mortgage, which is the most popular among home buyers, is 3.59 percent, according to Freddie Mac—just above its record low set on July 26 of 3.49 percent average. “It’s conceivable that at some point in the next 30 years, your interest rate would be less than the rate of inflation,” writes Waggoner for USA Today.
Here are 4 reasons to buy a home in Southwest, Florida…
- The price is right here too! As of July 2012, the year-to-date median home price in the Naples, Bonita Springs and Estero Market was $199,000.
- It’s cheaper to buy than rent here as well! The median rent cost in Naples, FL is $1500! (hotpads.com)
- Talk about shrinking inventory! Available inventory in the Naples, Bonita Springs, Estero market on August 1, 2012 stood at 6,274 units (3,418 condominiums and 2,856 single family homes). This represents a 14% decline from August 1, 2011, and approximately a seven-month supply.
- The best reason of all? Southwest Florida has pristine beaches, second-to-none weather, world-class dining and shopping, and has wonderful cultural events and attractions!
How do you find your piece of paradise? Talk to a John R. Wood Agent today!
To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.
John R. Wood Realtors – The Symbol of Local Knowledge.
Tags: Bonita Springs real estate, Buying a Bonita Springs home, Buying a Home, Buying a Naples home, Buying a Southwest Florida home, Buying an Estero home, John R Wood Realtors, Luxury golf homes in Naples Florida, mortgage rates, Naples beachfront condos, Naples Florida, Naples Florida real estate sales, Naples luxury real estate, Naples real estate sales, Real estate Naples Fl, Southwest Florida real estate sales
Posted in Buying a home in Southwest Florida, Buying a Naples Florida Home | No Comments »
Friday, June 22nd, 2012
Just yesterday Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing both the 30-year fixed and the 5-year ARM registered at new average record lows.
- 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.7 point for the week ending June 21, 2012, down from last week when it averaged 3.71 percent. Last year at this time, the 30-year FRM averaged 4.50 percent.
- 15-year FRM this week averaged 2.95 percent with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.69 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.77 percent this week, with an average 0.6 point, down from last week when it averaged 2.80. A year ago, the 5-year ARM averaged 3.25 percent.
- 1-year Treasury-indexed ARM averaged 2.74 percent this week with an average 0.5 point, down from last week when it averaged 2.78 percent. At this time last year, the 1-year ARM averaged 2.99 percent.
Are you ready to buy/invest in Southwest Florida?
To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.
John R. Wood Realtors – The Symbol of Local Knowledge.
Tags: Buying a Bonita Springs home, Buying a Naples home, Buying a Southwest Florida home, Buying an Estero home, Freddie Mac, June 2012 mortgage rates, mortgage rates, Naples FL mortgages, Naples Fl real estate, Naples Florida real estate sales, Southwest Florida real estate sales
Posted in Mortgage Rates Naples Florida | No Comments »
Friday, June 8th, 2012
For the 6th straight week, average rates on 30-year and 15-year fixed mortgages this week fell to record lows. Mortgage buyer Freddie Mac says the average rate on the 30-year loan dropped to 3.67%, which is down from last week’s 3.75%. This is the lowest since long-term mortgages began in the 1950s. The 15-year mortgage, a popular refinancing option, declined to 2.94% – down from 2.97% last week.
A Federal Reserve survey issued Wednesday showed the economy growing moderately in most regions of the country this spring as companies continued hiring. In April, sales of both previously occupied homes and new homes rose near two-year highs. Builders are gaining more confidence in the market, breaking ground on more homes and requesting more permits to build single-family homes later this year.
Mortgage applications rose by 1.3% during week ending June 1, according to the Mortgage Bankers Association.
Are you ready to buy/invest in Southwest Florida?
To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.
John R. Wood Realtors – The Symbol of Local Knowledge.
Tags: Bonita Springs mortgages, Buying a Bonita Springs home, Buying a Naples home, Buying a Southwest Florida home, Buying an Estero home, estero mortgages, federal reserve, FLorida housing market, Freddie Mac, mortgage rates, mortgage rates decrease, Naples FL mortgage lender
Posted in Mortgage Rates Naples Florida, Mortgages in Southwest FLorida | No Comments »
Monday, May 7th, 2012
For home buyers or refinancers, borrowing costs for home ownership just got a little cheaper as mortgage rates took another dip to new all-time record lows late last week
In its weekly mortgage market survey, Freddie Mac reported that “signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week,” says Frank Nothaft, Freddie Mac’s chief economist.
Based on their report, here is an overview for week-ending May 3:
•30-year fixed-rate mortgages: averaged 3.84 percent, with an average 0.8 point, reaching a new historical low. The previous record for 30-year rates was 3.87 percent, which was set on Feb. 9 of this year. A year ago at this time, rates averaged 4.71 percent.
•15-year fixed-rate mortgages: averaged 3.07 percent, with an average 0.7 point, another historical low. The previous record for 15-year rates was 3.11 percent set on April 12 this year. A year ago at this time, 15-year rates had averaged 3.89 percent.
•5-year adjustable-rate mortgages: averaged 2.85 percent, with an average 0.7 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 3.47 percent.
•1-year ARMs: averaged 2.70 percent this week, with an average 0.6 point, also registering at a new all-time low. Last year at this time, 1-year ARMs averaged 3.14 percent.
Are you ready to buy or sell in Southwest Florida?
To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.
John R. Wood Realtors – The Symbol of Local Knowledge.
Tags: Buying a Bonita Springs home, Buying a Naples home, Buying a Southwest Florida home, Buying an Estero home, Freddie Mac Weekly report, mortgage rates, Mortgages, Naples Florida
Posted in Mortgages in Southwest FLorida | No Comments »
Wednesday, April 25th, 2012
The Consumer Financial Protection Bureau just rolled out eight new proposed rules that will keep mortgage lenders in check and future homeowners out of financial trouble. The rules aren’t final yet, as the agency pitches them to Congress this summer, but they could change everything about how consumers borrow money for home purchases.
“The mortgage servicing rules we are considering reflect two basic, common-sense principles – no surprises and no runarounds,” said CFPB Director Richard Cordray in a statement just yesterday. “For too long, mortgage servicers have not been held accountable to their customers, and the result has been profoundly punishing to homeowners in distress. It’s time to put the ‘service’ back in mortgage servicing.”
Here are the proposed rules:
- Clear Monthly Mortgage Statements: Statements will have everything out in the open – a breakdown of payments by principal, interest, fees, and escrow; the amount of and due date of the next payment; and, for delinquent borrowers, alerts and information about counselors who can help them work with servicers and avoid foreclosure.
- Options for Avoiding Costly “Force-Placed” Insurance: Bank of America and Citigroup are already at the center of a New York state probe into claims they are among several big banks that have been overcharging consumers for insurance. This rule would give the consumers more rights including requiring servicers to give advance notice and pricing information before charging consumers for this insurance.
- Early Information and Options for Avoiding Foreclosure: This is all about giving customers a chance to modify their loans if they fall into default.
- Payments Immediately Credited: Servicers generally would have to credit a consumer’s account promptly after receiving payment.
- Records Kept Up-to-Date and Accessible: Minimize errors, prevent document loss, provide accurate information to borrowers, and assist with error resolution.
- Errors Corrected Quickly: Another time suck the CFPB hopes to eliminate by requiring lenders to respond promptly to customer complaints.
- Direct and Ongoing Access to Servicer Foreclosure Prevention Team: Keep lines of communication open by giving easy access to employees for struggling homeowners.
Are you ready to buy in Southwest Florida?
To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.
John R. Wood Realtors – The Symbol of Local Knowledge.
Tags: Buying a Bonita Springs home, Buying a Naples home, Buying an Estero home, consumer protection mortgages, John R Wood Realtors, mortgage lenders SWFL, mortgage loans, mortgage rates, Mortgages, Naples Florida, Southwest Florida real estate sales
Posted in Buying real estate in Naples Florida, Mortgage Loans | No Comments »
Friday, April 13th, 2012
If you’re like many people, you are taking advantage of the Southwest Florida real estate market by purchasing a home in paradise. And, perhaps you’re looking at properties and just applied for a mortgage.
Now is a critical time to keep your ducks in a row, especially as it pertains to your mortgage application and finances. Here are six ways to delay or kill your real estate deal. To be perfectly clear, you DON’T want to do any of these things once you’ve applied for a mortgage.
- 1. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Small, explainable deposits are fine, but getting $10,000 from your parents as a gift in cash is not. Discuss the proper way to track your assets with your loan officer.
- Don’t make any large purchases like a new car or a bunch of new furniture. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher ratios…higher ratios make for riskier loans…and sometimes qualified borrowers are no longer qualifying.
- Don’t co-sign other loans for anyone. When you co-sign, you are obligated. With that obligation comes higher ratios, as well. Even if you swear you won’t be making the payments, the lender will be counting the payment against you.
- Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is a consistency of accounts. Frankly, before you even transfer money between accounts, talk to your loan officer.
- Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car, when you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.
- Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more approvable. Wrong. A major component of your score is your length and depth credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.
The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. Any blip in income, assets, or credit should be reviewed and executed in a way to keep your application in the most positive light.
Are you ready to buy in Southwest Florida?
To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.
John R. Wood Realtors – The Symbol of Local Knowledge.
Tags: Buying a Bonita Springs home, Buying a Naples home, Buying a Southwest Florida home, mortgage do's and don'ts, mortgage rates, speeding up the mortgage process, tips for getting a mortgage
Posted in Buying a home in Southwest Florida, Mortgages in Southwest FLorida | No Comments »
Tuesday, March 27th, 2012
While Mortgage rates have inched up a bit in the last week or so, they are historically staying low according to a recent positive report released by Freddie Mac. Freddie Mac’s chief economist Frank Nothaft is quoted as saying, “An upbeat employment report for February caused U.S. Treasury bond yields to increase over the week, and mortgage rates followed. Job growth over the last six months was the strongest since 2006.” For 15 consecutive weeks, 30-year rates, the most popular choice among home buyers, have averaged below 4 percent.
The following is a closer look at rates for the week ending March 22:
- 30-year fixed-rate mortgages: averaged 4.08 percent, with an average 0.8 point, inching up from last week’s 3.92 percent average. A year ago at this time, 30-year rates averaged 4.76 percent.
- 15-year fixed-rate mortgages: averaged 3.30 percent, with an average 0.8 point, climbing from last week’s 3.30 percent average. Last year at this time, 15-year rates averaged 3.97 percent.
- 5-year adjustable-rate mortgages: averaged 2.96 percent, with an average 0.7 point, also slightly up from last week’s 2.83 percent average. Last year, 5-year ARMs averaged 3.57 percent at this time of year.
- 1-year ARMs: averaged 2.84 percent, with an average 0.6 point, rising from last week’s 2.79 percent average. Last year, 1-year ARMs averaged 3.17 percent.
While these rates are still pretty low, there is a pattern of rates inching up each week. If you want to buy, now is the time or you could be facing higher rates sooner that you think. Home prices in Southwest Florida are even more affordable with these mortgage rates, but with rates rising slowly, now is the time to take full advantage of buying your home in Southwest Florida.
To find an agent who understands the Southwest Florida market, click HERE.
To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.
John R. Wood Realtors – The Symbol of Local Knowledge.
Tags: 30 year fixed mortgage, bonita springs mortgage rates, Buying a Southwest Florida home, estero fl mortgage rates, getting a mortgage in naples fl, home mortgage rate update, mortgage information southwest fl, mortgage rates, Naples Florida real estate, Southwest Fl mortgage rates, Southwest Florida real estate sales, where are mortgage interest rates headed
Posted in Mortgage Rates Naples Florida | No Comments »
Thursday, March 22nd, 2012
When buying a home, d
o you look at the price or the cost? Obviously, price is part of the cost equation. If you’re buying with cash, you’re just looking at the price. But if you’re using a mortgage, you may want to pay attention to this! The cost of the home over time is more important that the price of the home.
There has been some talk out there about the economy improving and with improvement come higher rates. Lawrence Yun, chief economist for the National Association of Realtors (NAR), recently wrote:
“Mortgage rates will be starting to rise. From the 3.9 to 4.0 percent average rate in the past five months on a 30-year fixed mortgage, the new rates will soon be in the range of 4.3 to 4.6 percent.
We do not attempt to predict future interest rates. We leave that up to the experts in the field. However, we want
our readers to understand the potential impact on the cost of purchasing a home if they do rise. Here is a simple table that shows, even if the PRICE of a home softens, the COST of a home could increase.”
So, if you’re thinking of waiting to buy because you don’t think prices have hit the bottom, you may want decide
that based the COST of a home is headed. The chart below will give you an indication of what you’ll be paying when the rates rise.
Are you ready to buy in Southwest Florida?
To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.
John R. Wood Realtors – The Symbol of Local Knowledge.
Tags: Bonita Springs real estate, Buying a Bonita Springs home, Buying a Home, Buying a Naples home, Buying a Southwest Florida home, Estero mortgage loans, homes for sale naples fl, mortgage loans Bonita, mortgage loans Naples, mortgage rates, mortgages naples fl, Naples Florida, Naples luxury real estate, Naples mortgage rates
Posted in Mortgage Loans, Mortgage Rates Naples Florida | No Comments »
Tuesday, January 31st, 2012
Last week, according to an article found on CNNMoney, “rates on both the 30-year and 15-year fixed loans fell to new records, at 3.89 percent and 3.16 percent, respectively, according to Freddie Mac.” The question remains: how long will prospective buyers enjoy such low rates?
Potential buyers sitting on the fence waiting for the rates to go lower may be getting their reason to act: a recent action by Congress may be pushing those rates higher shortly. According to CNNMoney, “to pay for the extension of payroll tax cuts, Congress mandated an increase in fees for Fannie Mae and Freddie Mac loans. That could mean an increase in upfront costs for borrowers of about half a point, starting April 1. The new fee would add $500 for every $100,000 in principal.” Instead of an additional upfront fee, borrowers could pay the fee as a higher interest rate, [adding] an additional one-eighth of a point to their rate. That amount might seem inconsequential, but when added to a $250,000 mortgage, the mortgagee could be paying approximately $225 more per year.
With a market filled with desirable listings, interest rates at historic lows, and a threat of rising rates, prospective buyers would benefit from getting off the fence and jumping into the present day ‘buyers’ market.
So, what are you waiting for? Click HERE to find a John R. Wood Agent today!
Click HERE to search for homes for sale in Naples, Estero, and Bonita Springs, Florida!
Tags: Bonita Bay homes for sale, bonita luxury homes, Bonita Springs homes, Bonita Springs real estate, Buying a Bonita Springs home, Buying a Naples home, Buying a Southwest Florida home, Estero Florida home sales, home mortgage rate update, Homes for sale in Bonita springs, homes for sale in Estero FL, homes for sale in Naples, low mortgage rates, Luxury golf homes in Naples Florida, luxury homes for sale, mortage lender naples, mortgage rates, Naples beachfront condos, Naples Florida, Naples Florida real estate, Naples Florida Real estate mortgage rates, Naples Florida real estate sales, Naples luxury condos, Naples luxury real estate, Naples real estate sales, Southwest Florida real estate sales
Posted in Buying real estate in Naples Florida | No Comments »
Wednesday, January 11th, 2012
Just last week, mortgage applications for purchase increased by 8.1%. This is a possible indicator of future home buying. This information was release but the Mortgage Bankers Association.
The purchase index on an unadjusted basis now stands at 41.9 percent higher than last year, pointing to the fact that more buyers are taking out loans and taking advantage of these great interest rates. Refinance activity last week also increased, increasing by 3.3% from the week before.
Now is a GREAT time to buy! Interest rates are low and your John R. Wood Agent is standing by to assist you in navigating the market sucessfully! Click HERE to find a John R. Wood Agent today!
Search HERE for homes for sale in Naples, Estero, Bonita Springs and Marco Island, Florida!
John R. Wood Realtors – The Symbol for Local Knowledge
Source: “Mortgage Applications Rise 4.5%,”
Tags: Bonita Bay homes for sale, Buying a Bonita Springs home, Buying a Naples home, Buying a Southwest Florida home, mortgage information southwest fl, mortgage lenders, mortgage rates, naple florida mortgage rates, Naples Fl real estate, Naples Florida, Naples Florida real estate sales, Southwest Florida real estate sales
Posted in Mortgages in Southwest FLorida | No Comments »
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