Average US Rate on 30-Year Loan at 4.39 Pct.

Credit:
Associated Press
ABC News

Average U.S. rates for fixed mortgages changed little this week.

 

Mortgage buyer Freddie Mac said Thursday the average for the 30-year loan declined to 4.39 percent from 4.41 percent last week. The average for the 15-year loan slipped to 3.44 percent from 3.45 percent.

 

Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago.

The increase was driven by speculation that the Federal Reserve would reduce its $85 billion a month in bond purchases. The Fed determined last month that the economy was strong enough to start trimming the purchases, which have kept long-term interest rates low.

 

The rise in mortgage rates and higher home prices slowed sales of existing homes, which have fallen for three straight months.

 

But overall, 2013 was the best year for housing in seven years. The National Association of Realtors reported Thursday that sales of existing homes edged up slightly in December, helping lift sales for the year to the highest level since 2006.

 

Most economists expect home sales and prices to keep rising this year, but at a slower pace. They forecast sales and prices will likely rise around 5 percent, down from double-digit gains in 2013.

 

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

 

The average fee for a 30-year mortgage was unchanged at 0.7 point. The fee for a 15-year loan also remained at 0.7 point.

 

The average rate on a one-year adjustable-rate mortgage declined to 2.54 percent from 2.56 percent. The fee was unchanged at 0.5 point.

 

The average rate on a five-year adjustable mortgage increased to 3.15 percent from 3.10 percent. The fee was steady at 0.5 point.

 

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Rapper Rick Ross set to Close on Evander Holyfiled Mansion

By Alexis Stevens

The Atlanta Journal-Constitution

 

Former heavyweight boxing champ Evander Holyfield once said his Fayette County compound cost $1 million a year in upkeep.

Now, those bills will belong to someone else. Rapper Rick Ross has a contract to buy the 235-acre estate previously owned by Holyfield, who lost the property in 2012 due to foreclosure, according to Jackie Campbell, the property’s listing agent.

Campbell told The Atlanta Journal-Constitution on Thursday that the property sale is scheduled to close Jan. 28.

“We do look to be on schedule,” Campbell said. “I feel fairly confident that it will close.”

The mansion hit the auction block in November, but that sale fell through, Campbell said. Although the sale price can’t be disclosed yet, it’s not far off the $6.875 million asking price, she said.

Last week, one of the rappers on Ross’ music label posted a picture on Instagram of the compound’s soon-to-be new owner.

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Atlanta home values increased 10% in July

Article via:
Jacques Couret
Senior Online Editor- Atlanta Business Chronicle

Metro Atlanta saw double-digit home values appreciation in July, the monthly Zillow Home Value Index shows.

The average home value here was $123,900 -- up 10.1 percent compared with July 2012 and up 2.2 percent from June 2013.

Nationally, home values grew 6 percent year-over-year in July, marking the 14th straight month of annual appreciation and the first time year-over-year appreciation rates have reached 6 percent since 2006. The average U.S. home is worth $161,600.

“After three straight months of annual home value appreciation above 5 percent, the U.S. housing market recovery has proven it is on very sound footing,” said Zillow Chief Economist Stan Humphries, in a statement. “We have entered a new phase in the recovery when we can begin to turn away from ugly recent history and turn toward what the housing market of the future will look like and how it will act. The time to have these discussions is now, and recent efforts by President Obama and both parties in the House and Senate to begin addressing still-lingering structural issues related to housing finance are very encouraging.”

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Sat Aug 24th: Real Estate Week Seminar w/ Egypt Sherrod of V-103 and HGTV

V-103 and Georgia’s Own Credit Union present the V-103 Real Estate Week. As the housing market begins to rebound and interest rates stay low NOW is the time to consider being a home owner, refinancing or investing in rental property. Listen up all week long the week of August 19th as V-103’s Egypt Sherrod, a licensed Real Estate expert and host of HGTV’s Property Virgins will discuss everything about the home buying process! Get informed and educated and get out of the “renter’s trap” and become a home owner.
We’ll be talking about credit advice – Are you financially fit, Obtaining the loan – All the Facts, Finding your home – Realtor or Not, Home Inspections and Closing on your home and more! And be sure to mark the Real Estate Week seminar on your calendar….Saturday, August 24th, 1p-4p at the Rich Auditorium at the Woodruff Arts Center. Real Estate Week brought to you by Georgia’s Own Credit Union and the People’s Station, V-103.

Sat Aug 24, 2013

Sat 1:00 PM - 4:00 PM

High Museum of Art

1280 Peachtree Street NE
Atlanta, GA 30309

CLICK HERE FOR ORIGINAL POSTING

FEATURED LISTING OF THE WEEK

 

Loads of space with finished basement and huge master suite. Finished basement has extra family room with stone trim, game room, exercise & playroom. Open light-filled main level with 2-story great room, separate living room & formal dining room, open kitchen with island, granite countertops, stained cabinets. Master suite with sitting area and huge master bath. Central vac system. Very active HOA w/swim, tennis, and playground! Great location! Short sale. Sold 'as-is.

 

 

CLICK HERE FOR DETAILS

Mortgage rates have steadied

Jeff Clabaugh

Broadcast/Web Reporter- Washington Business Journal

After jumping more than one full percentage point in early May, 30-year mortgage rates have stabilized, moving little since then.

Freddie Mac's weekly rate report says the average rate on a 30-year fixed-rate mortgage rose to 4.40 percent in the week ending Aug. 8, up from 4.39 percent last week. A 15-year fix average 3.43 percent, unchanged from last week.

A one-year adjustable-rate mortgage averaged 2.62 percent this week, down from 2.64 percent.
The National Association of Realtors says the recent rise in rates is having little impact on housing sales, or rising home values.

In the second quarter, NAR says the median price of an existing home that sold was up 12.2 percent from a year earlier, the biggest year-over-year gain since the end of 2005.

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HGTV Casting Call (Renovation Couple)

Below is a casting call for a show produced for HGTV.

CASTING CALL: RENOVATION COUPLE

Departure Films is seeking a couple or family for a new home renovation series for a major cable network. We are looking for recent home purchasers in the METRO ATLANTA, GEORGIA area who are about to renovate their new investment.

Casting is open to couples and/or families who have recently closed on a new home (or are about to) and we are particularly interested in hearing from couples who are ready to start renovations almost immediately!

In exchange for participation in the show, the chosen couple will receive funds to assist in making their new home renovation dreams come true!

Please send a bio about yourselves; detailed information on the home you have, or soon will, purchase; your basic renovation ideas and estimated budget; and property address, purchase price, and any available pictures to: Karen@departure-films.com