Nashville Real Estate Home Mortgage Rates Drop Back Down to 4%

Nashville Real Estate Home Mortgage Rates Drop Back Down to 4% as home prices in Davidson County Stay Steady.

If you’ve been toying with the idea of getting into “sweeter digs” take a look at the price of home money:

Rates Drop to 4.00 Percent

The 30-year fixed-rate mortgage averaged 4.00 percent for the week ending Nov. 3, 2011, down from 4.10 percent a week earlier, according to Freddie Mac. This past week's average is the second lowest in history, after the record 3.94 percent set during the week ending Oct. 6, 2011. Also, the 15-year fixed-rate mortgage averaged 3.31 percent, down from 3.38 percent the previous week, and the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this past week, down from 3.08 percent. Mortgage rates declined sharply as investors turned to U.S. Treasury bonds amid concerns about the European debt market.

[SOURCES: Realty Times; Information, Inc.] 

Davidson County, Tennessee single family residence prices are holding strong. Our friends south of us in Williamson County are dipping down just slightly. Nashville Real Estate Search Online and Music City Lifestyles reporting from data compiled from Realtracs, Middle Tennessee’s MLS provider: 

The number of single family residential closings increased by 5.4% compared to October 2010.

There are about 252 more home sales in the first 10 months of 2010 than at the same point in 2011.

The median sales price for a single-family home is $327,000 in October 2011. This is down from the October 2010 median sales price of $358,508.

Average inventory decreased from 2,222 in October 2010 to 1,993 in October 2011.

                 Single Family Home closings rise compared to same period for 2010.

• Days on Market down by 7 days and Inventory levels down from October 2010.
• Farms/Land see-ing a great in-crease in units sold from same period of 2010.
• Median price of condos up and residential down from the same period in 2010.

Check back with me in December for the November results.

Mark Haining

Music City Lifestyles

Nashville Real Estate Search Online