Rates down and prices rising

By
Real Estate Agent with USA Realty and Loans
Mortgage Rates Are Near Record Lows Now. Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 4.93 percent for the week ending February 18, 2010, down from last week when it averaged 4.97 percent. Last year at this time, the 30-year FRM averaged 5.04 percent.
The 15-year FRM this week averaged 4.33 percent, down from last week when it averaged 4.34 percent. A year ago at this time, the 15-year FRM averaged 4.68 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.12 percent this week, down from last week when it averaged 4.19 percent. A year ago, the 5-year ARM averaged 5.04 percent.
The 1-year Treasury-indexed ARM averaged 4.23 percent this week, down from last week when it averaged 4.33 percent. At this time last year, the 1-year ARM averaged 4.80 percent.
"Mortgage rates eased for the second week, while economic data releases suggest that the housing market may be in a slow state of recovery," said Frank Nothaft, Freddie Mac vice president and chief economist. "The National Association of Realtors reported that existing home sales rose in 48 states and the District of Columbia between the third and fourth quarters of 2009; 32 states experienced double-digit growth. In addition, 67 metropolitan areas saw positive annual house price growth in the fourth quarter, more than double that in the third quarter, according to the NAR."
"New home construction is also slowly improving. One-family housing starts rose to an annual pace of 484,000 homes in January, which is up almost 36 percent from January 2009, based on the U.S. Census figures. Moreover, homebuilder assessments of market conditions over the first half of 2010 improved in February, according to National Association of Homebuilders/Wells Fargo Housing Market Index."
Prices are holding steady or rising in most Marin communities. With the homebuyer tax credit set to expire soon, interest rates down and home prices on the rise the question is "Why Wait?". .
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Rainmaker
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Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL
Call the "CHAMPION" for all your real estate needs

I like your last question for the buyer Why Wait? now is the time to buy couldn't be a better time great deals, good rates and great selection.

Feb 19, 2010 06:50 AM #1
Anonymous
Spencer

Thanks for the comment.  I'm just north of San Francisco in Marin County but this is mostly true all over.

Feb 19, 2010 07:20 AM #2
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Rainer
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