In Freddie Mac’s results of its Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.69 percent with an average 0.7 point for the week ending June 24, 2010, down from the previous week when it averaged 4.75 percent. Last year at this time, the 30-year FRM averaged 5.42 percent.
The 15-year FRM this week averaged 4.13 percent with an average 0.6 point, down from the previous week when it averaged 4.20 percent. A year ago at this time, the 15-year FRM averaged 4.87 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.84 percent this week, with an average 0.7 point, down from the previous week when it averaged 3.89 percent. A year ago, the 5-year ARM averaged 4.99 percent.
The 1-year Treasury-indexed ARM averaged 3.77 percent this week with an average 0.7 point, down from the previous week when it averaged 3.82 percent. At this time last year, the 1-year ARM averaged 4.93 percent. This is the lowest the 1-year ARM has been since the week ending May 6, 2004 when it averaged 3.76 percent.
“Mortgage rates for all but traditional 1-year ARMs hit all-time record lows this week in our survey while activity in the housing market slowed in May following the expiration of the homebuyer tax credit,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Freddie Mac began collecting rates for 30-year fixed loans in April 1971, 15-year fixed mortgages in September 1991 and 5-year hybrid ARMs in January 2005. The record low for traditional 1-year ARMs of 3.36 percent occurred during the week of March 25, 2004.
“Both new and existing home sales showed unexpected declines in May. Existing sales fell 2.2 percent, compared to the market consensus forecast of a 6.0 percent gain, based on figures published by the National Association of Realtors® . Sales of new homes fell 32.7 percent to an annualized rate of 300,000 units, which was the largest monthly drop and slowest pace since records began in 1963, according to the Census Bureau .”
Men and Women Agree in Home Must-Haves
It’s true. Men aren’t looking for exactly the same things women are when they go home shopping.
A survey of 1,000 home shoppers concluded that while about an equal number of men and women sought green features – about 27 percent – and 35 percent of both sexes put a high priority on a home office, there is disparity in the desire for other features. Both sexes did agree on the biggest turn-offs: structural damage, bad odors, a busy street, and an awkward floor plan.
Here are the top 10 features most desired by men:
• Garage or designated parking space, 85.5 percent
• Master suite, 79.8 percent
• Ample storage space, 71.2 percent
• Guest bedroom, 70.2 percent
• Large closets, 64.2 percent
• Outdoor entertainment area, 63.4 percent
• Gourmet or updated kitchen, 59.1 percent
• Breakfast room or eat-in kitchen, 55.2 percent
• View, 44.5 percent
• Large yard, 43 percent
Here are the top 10 features most desired by women:
• Garage or designated parking, 87.7 percent
• Master suite, 77.8 percent
• Ample storage space, 72.7 percent
• Large closets, 68.7 percent
• Outdoor entertainment area, 64.2 percent
• Guest bedroom, 63.9 percent
• Gourmet or updated kitchen, 61.8 percent
• Breakfast room or eat-in kitchen, 56.1 percent
• Large yard, 43 percent
• Wood floors, 40.9 percent
What to Leave for the New Owners
A quick check list of items to leave for the new owners of your home.
• Owner’s manuals and warranties for appliances left in the house.
• Garage door opener.
• Extra sets of house keys.
• A list of local service providers — the best dry cleaner, yard service, plumber, etc.
• Code to the security alarm and phone number of the monitoring service if not discontinued.
• As a courtesy, you could provide numbers to the local utility companies.
• If it’s a condo, leave information on how to contact the condo board.
Have You Checked Your Property Taxes Lately?
With most mortgages today, the lender collects money not only for monthly interest and principal payments, but also for home insurance and property tax payments. The money is kept in an “escrow” or trust account for your benefit.
In the usual case you will receive information from your insurance carrier that the premium has been paid. Also, the local government will send out a form listing property taxes and showing that they have been paid by your mortgage lender.
However, with millions of loans outstanding, it sometimes happens that tax and insurance payments are not made on a timely basis or not made at all. It can also happen that such bills have been paid but not properly recorded.
Written by Realty Times Staff
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