Finance
Windermere Real Estate wants to make financing your dream home as simple as possible. We invite you to use these financial calculators to help you make smart decisions about your next home loan.
Latest News
July 28th, 2010
30-year mortgage rates hit 4.56%, another record low
Freddie Mac released these findings in Mid-July. Even though consumers know the recession has made it difficult to secure their next or current home, there are many programs that the state of Washington has provided to assist those in need.
The average rate for 30-year fixed loans this week was 4.56%, down from 4.57% last week, mortgage company Freddie Mac said Thursday. That’s the lowest since Freddie Mac began tracking rates in 1971.
The last time home loan rates were lower was during the 1950s, when most mortgages lasted just 20 or 25 years.
The rate on the 15-year fixed loan dropped to 4.03%, down from 4.06% last week and the lowest on records dating back to 1991.
Rates have fallen since the spring. Investors worried about the European debt crisis have shifted money into the safety of Treasury bonds. That has forced those yields down. Mortgage rates tend to track yields on Treasury debt.
However, low rates have yet to spark home sales and refinancing activity remains moderate.
Sales of previously occupied homes fell in June and are expected to keep sinking. The National Association of Realtors said Thursday that last month’s sales fell 5.1% to a seasonally adjusted annual rate of 5.37 million.
The housing market stalled after federal tax credits for home buyers expired at the end of April. Home sales have dropped off, homebuilder confidence has waned and consumer sentiment is in the dumps.
It’s unlikely low mortgage rates will bolster housing. Rates have hovered near historic lows for more than a year, so many people have already taken advantage of them to buy or refinance a home.
And many of those who haven’t wouldn’t qualify for a loan. They either owe more than their homes are worth, have shaky credit or have lost their jobs.
To calculate the national average, Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.
Rates on five-year adjustable-rate mortgages averaged 3.79%, down from 3.85% a week earlier. Rates on one-year adjustable-rate mortgages fell to an average of 3.70% from 3.74%.
The rates do not include add-on fees known as points. One point is equal to 1% of the total loan amount. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 a point for 30-year, 15-year and 1-year loans. The average fee for 5-year loans was 0.6 of a point.”
July 7th, 2010
Good news for buyers who missed the deadline!!!
(509) 750-7587
Windermere Idaho’s Mogie Holm wrote a great article regarding the homebuyer tax credit extension as follows:
Late last night, the Senate passed the homebuyer tax credit extension bill, which will extend the closing date deadline until September 30. This will allow first time homebuyers who already had a property under contract to receive an $8,000 tax credit if they close before the deadline. The bill also extends the closing deadline to September 30 for qualified existing homebuyers with a property under contract.
Although this bill will not help buyers currently looking for a home, it is great news for many people who already had a property under contract and were unable to close their transactions by June 30, the previous deadline. The bill is on its way to Obama and he is expected to sign it.
May 6th, 2010
Mortgage Volume Rises for 3rd Straight Week
(509) 989-3309
Mortgage applications to purchase homes rose 13 percent last week over the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.
This was the third consecutive week applications to purchase homes have increased, rising 24 percent compared to March. On an unadjusted basis, purchase applications increased 14.1 percent compared with the previous week and were up 10.3 percent from the same week a year ago. The MBA credited tax incentives for the increase.
More than 50 percent of the applications involved government-guaranteed loans, particularly those backed by the Federal Housing Administration, the highest level in 20 years, the MBA said.
Most mortgage rates declined compared to the previous week:
- 30-year fixed-rate mortgages decreased to 5.02 percent from 5.08 percent;
- 15-year fixed-rate mortgages decreased to 4.34 percent from 4.38 percent;
- 1-year ARMs remained unchanged at 7.03 percent.”
This is good news for everyone looking to purchase their first or next home…and for sellers, too! Let’s hope this continues! This is from the Mortgage Bankers Association.
December 16th, 2009
Long-Term Rates Set Another Low in Freddie Mac Weekly Survey
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.71 percent with an average 0.7 point for the week ending December 3, 2009, down from last week when it averaged 4.78 percent. One year ago, the 30-year FRM averaged 5.53 percent. The 30-year has never been this low since Freddie Mac began its weekly survey in 1971.
The 15-year FRM this week averaged 4.27 percent with an average 0.6 point, down from last week when it averaged 4.29 percent. A year ago at this time, the 15-year FRM averaged 5.77 percent. The 15-year FRM has never been this low since Freddie Mac started tracking it in 1991, and breaks the record low set last week.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.19 percent this week, with an average 0.6 point, up slightly from last week when it averaged 4.18 percent. A year ago, the 5-year ARM averaged 5.77 percent.
The 1-year Treasury-indexed ARM averaged 4.25 percent this week with an average 0.6 point, down from last week when it averaged 4.35 percent. At this time last year, the 1-year ARM averaged 5.02 percent. The 1-year ARM has not been this low since the week ending June 30, 2005, when it averaged 4.24 percent.
Credit: National Association of Realtors Weekly Newsletter
December 10th, 2009
Homebuyer Tax Credit Update
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April30,2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Information provided by The National Association of Realtors and National Association of Home Builders.