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Rates on 30-yr mortgages remain below 5%

Mortgage Rate Trend Index

No expert polled by Bankrate.com this week expects further drops in the average mortgage rate as it flirts will all-time lows, but a hefty 55 percent also foresee no change over the next 30 to 45 days. The remaining 45 percent expect an increase.

 

Nov. 20, 2009 – Rates on 30-year mortgages stayed below 5 percent this week but remained above the record set earlier this year, Freddie Mac said Thursday.

The average rate for a 30-year fixed mortgage fell to 4.83 percent, down from 4.91 percent last week, the mortgage company said. Last year at this time, 30-year mortgages averaged 6.04 percent.

Rates hit a record low of 4.78 percent in the spring, and remain attractive for people looking to buy a home or refinance their existing mortgage. Still, credit standards remain tough, so the best rates usually are available only to borrowers with solid credit and a 20 percent downpayment.

via Rates on 30-year mortgages remain below 5 percent.

1799 W Redding St, Hernando, FL, 34442

1799 W Redding St Hernando, FL 34442

$249,900

3 Bed, 2 Bath | 2,550 Sq Ft on 1 Acres 

MLS #337379 |

via 1799 W Redding St, Hernando, FL, 34442 – MLS #337379 – Single Family Home real estate – REALTOR.com®.

Existing-Home Sales Surge in Many States in Third Quarter, Metro Prices Moderating

November 16, 2009—Most states continued to experience rising existing-home sales in the third quarter 2009, with prices moderating in many metro areas, according to the latest survey by the National Association of Realtors®. Total state existing-home sales, including single-family and condo, increased 11.4% to a seasonally adjusted annual rate of 5.30 million units in the third quarter from 4.76 million units in the second quarter, and are now 5.9% above the 5.01 million-unit pace in the third quarter of 2008. Sales increased from the second quarter in 45 states and the District of Columbia; 28 states and D.C. saw double-digit gains. Year-over-year sales were higher in 32 states and D.C.

Lawrence Yun, NAR chief economist, said the tax credit is a significant factor. “We can’t underestimate just how powerful a catalyst the first-time home buyer tax credit has been for the housing sector,” he said. “It’s given buyers the confidence they needed to get off the fence and take advantage of extremely affordable housing conditions. …

via RISMedia » Existing-Home Sales Surge in Many States

Rates Fall – Bloomberg.com

The average rate on a 30-year fixed-rate loan fell to 4.90 percent last week from 4.97 percent two weeks ago. The rate reached 4.61 percent at the end of March, the lowest level since the group’s records began in 1990.

At the current 30-year rate, monthly borrowing costs for each $100,000 of a loan would be $530.73, or about $84 less than the same week a year earlier, when the rate was 6.24 percent.

The average rate on a 15-year fixed mortgage decreased to 4.33 percent from 4.34 percent the prior week. The rate on a one-year adjustable mortgage increased to 6.85 percent from 6.83 percent.

Combined sales of new and existing homes were up 24 percent in September from the lowest level in at least a decade in January, helping pull the market out of its worst slump in seven decades.

Rising demand, in turn, has helped stabilize home values and construction.

via Home-Purchase Index in U.S. Plunges to Lowest Level Since 2000 – Bloomberg.com.

NEW Home Buyers Tax Credit – Explained

The full $8,000 Tax Credit is for first-time-home buyers (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase. Ownership of vacation property or rental property does not disqualify home buyers from this program.

• The maximum credit is $8,000 or 10% of the home purchase, whichever is less.
• The credit is available for homes purchased on or after November 6, 2009 and before June 30, 2010. However contracts must be fully ratified before May 1, 2010.
• To qualify for the full tax credit, married couples' modified adjusted gross income (MAGI) should be under $225,000 (up from $150,000) and single filers' MAGI should be less than $125,000 (up from $75,000). Partial tax credits may be available for married couples with MAGI incomes of over $225,000 but under $245,000 and single filers with incomes over $125,000 but under $145,000. If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each (whichever is less) on their tax returns.
• There is no recapture or repayment clause IF the home is owned for at least 36 months.

 

Current Homeowner: An individual (and, if married, an individual's spouse) who has owned and used the same residence as a principal residence for any 5-consecutive-year period during the 8 year period ending on the date of the purchase of a new principal home will be eligible for a $6,500 tax credit ($3,250 married filing separate).

• The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes.
• Home purchase cap of $800,000 (no cap in previous version).
• Special exemptions and extensions for military, members of the Foreign Service of the United States, and employees of the intelligence community: If such individual serves on official extended duty outside of the United States for at least 90 days between December 31, 2008 and May 1, 2010 the deadline for entering into a binding contract to purchase a home will be extended to April 30, 2011. Closing must be before July 1, 2011.
• Credit is only available to purchasers who are at least 18 years old.
• This version now requires that the home purchaser attach a properly executed copy of the settlement statement used to complete the purchase to the tax return.

via Home Buyers Tax Credit.

Florida’s existing home, condo sales up in 3Q

NAR: Existing home sales surge in many states

ORLANDO, Fla. – Nov. 10, 2009 – Sales of existing single-family homes in Florida rose 33 percent in third quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 44,345 existing homes sold statewide in 3Q 2009; during the same period the year before, a total of 33,311 existing homes sold. It marks the fifth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the third quarter rose 56 percent compared to the same time the previous year. This marks the fourth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

via Florida’s existing home, condo sales up in 3Q 2009.

Great Deal in Nearby Arbor Lakes

3532 E Cove Park Trl
Hernando, FL 34442

$154,900

3 Bed, 2 Bath
1,834 Sq Ft on 0.25 Acres (10,890 Sq Ft Lot)

MLS #337894

What a Great Deal!!    What are you Waiting For???

via 3532 E Cove Park Trl, Hernando, FL, 34442 – MLS #337894 - Single Family Home real estate – REALTOR.com®.

Best Deal in Emerald Estates of Citrus Hills

1297 W Stafford St Hernando, FL 34442

$169,900

3 Bed, 3 Bath 

1,596 Sq Ft on 1 Acres

MLS #337752 

One-owner Pre-loved 3/3/2 Pool Home
DO NOT settle for anything less

via 1297 W Stafford St, Hernando, FL, 34442 – MLS #337752 - Single Family Home real estate – REALTOR.com®.

Rates on 30-year loans fall below 5 percent

Mortgage Rate Trend Index

Experts polled by Bankrate.com predict that rates will remain unchanged (50 percent) over the next 30 to 45 days or rise (43 percent). Only 7 percent foresee additional declines.

WASHINGTON – Nov. 6, 2009 – Rates for 30-year home loans dipped below 5 percent this week after rising for three straight weeks.

The average rate fell to 4.98 percent from 5.03 percent a week earlier, mortgage company Freddie Mac said Thursday.

Rates had hovered below 5 percent for nearly a month until inching upward two weeks ago. They hit a record low of 4.78 percent in the spring, but are still attractive for people looking to buy a home or refinance.

The Federal Reserve has pumped $1.25 trillion into mortgage-backed securities in an effort to lower rates on mortgages and loosen credit. Rates on 30-year mortgages traditionally track yields on long-term government debt.

That, plus a federal tax credit of up to $8,000 for first-time homebuyers, has helped boost the ailing housing market.

The number of signed contracts to buy previously occupied homes rose for the eighth month in a row in September, while residential construction spending jumped by 3.9 percent, the largest gain in more than six years, data this week showed.

via Rates on 30-year loans fall below 5 percent.

New Jersey, New York Tops in Tax Bills

The highest property tax bills in the country are in New York and New Jersey, according to the Tax Foundation’s analysis of data from the U.S. Census Bureau.

The Tax Foundation analyzes counties and includes taxes levied by school districts and other taxing authorities. The national median property tax is $1,854.

The counties with the highest median property tax for owner-occupied properties are:

1. Westchester County, N.Y., $8,404

2. Hunterdon County, N.J., $8,347

3. Nassau County, N.Y., $8,306

4. Bergen County, N.J., $7,997

5. Rockland County, N.Y., $7,798

6. Essex County, N.J., $7,676 (tie)

6. Somerset County, N.J., $7,676 (tie)

8. Morris County, N.J., $7,310

9. Passaic County, N.J., $7,095

10. Union County, N.J., $7,058

Source: The Wall Street Journal, Nick Timiraos (10/29/2009)

via REALTOR® Magazine-Daily News-New Jersey, New York Tops in Tax Bills.