December 20, 2011
By Les Christie @CNNMoney December 15, 2011: 1:44 PM ETN
NEW YORK (CNNMoney) — Mortgage rates sunk to record lows again this week. The average rate on the 30-year fixed mortgage fell to 3.94%, matching the all-time low hit in early October, according to Freddie Mac’s weekly mortgage rate survey.
Meanwhile, 15-year fixed-rate loans hit a new record low of 3.21%, surpassing the record set on October 6. Five-year adjustable rate mortgages also plumbed new depths, hitting 2.86% for the week. “We’ve been hanging around record lows for a few months now and we finally hit another one,” said Keith Gumbinger of HSH Associates, a provider of mortgage data.
Low-interest mortgages will be available at least through mid-2012, according to Freddie Mac’s chief economist, Frank Nothaft.
The low rates can translate into big savings for home buyers. Five years ago, a home buyer would have been lucky to land a 5% rate on a 15-year loan. On a $200,000 mortgage, that would have meant the borrower would have paid $1,582 a month. Should a borrower land a 3.2% rate on a $200,000 loan now, the monthly mortgage payment would come to $1,400 — a savings of $182 a month.
Categories: Financing, Mortgage Rates, News, Real Estate, Uncategorized.
February 12, 2011
WSR DIGITAL EDITION – Smart Money
February 11, 2011
Why You Should Buy That Home Now
Congress will ultimately decide whether Fannie and Freddie have a future, and whether the other changes could go into effect as soon as this fall. Here are the big three reasons (to obtain a mortgage now):
- Smaller mortgages
- Higher fees
- Bigger down payments
Read more: http://www.smartmoney.com/personal-finance/real-estate/why-you-should-buy-that-home-now-1297456803897/#ixzz1DmcBtY5i
WSR DIGITAL EDITION – Weekend Investor
February 12, 2011
The Great Customer Courtship
Banks Are Rolling Out New Incentives to Win Your Business. Here’s a Guide
Banks “need more cash on hand,” says Dan Geller, executive vice president at Market Rates Insight Inc., a San Anselmo, Calif., firm that tracks bank interest-rate data, “so they are intent on bringing in warm bodies.”
The current low-interest-rate environment is adding to banks’ sense of urgency. By bringing in customers now, banks are setting themselves up to profit when interest rates rise, by collecting the difference between the interest paid to depositors and the money they rake in from loans.
Read more: http://online.wsj.com/article/SB10001424052748703313304576132593769879956.html?mod=googlenews_wsj
This blog is made possible by Marshes Light, a new home community in the heart of historic downtown Manteo. Please visit our website at www.marsheslight.com or visit our new Sales & Welcome Center at the Marina – 301 Dartmoor Lane, Manteo.
Categories: outer banks, Real Estate, Roanoke Island, Uncategorized.