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Mortgage rates make highest jump of the year

9/22/2014

While mortgage rates are still pretty low, this was the biggest jump of the year. Not that its any surprise. Rates were on the rise this week, and fixed-rates made the biggest one-week leap. This puts them at the highest point since the last week of April.
Here are the Freddie Mac reports on the national averages with mortgage rates through mid September:

30-year fixed-rate mortgages: averaged 4.23 percent, with an average 0.5 point, rising from last week’s 4.12 percent average. Last year at this time, 30-year rates averaged 4.50 percent.
15-year fixed-rate mortgages: averaged 3.37 percent, with an average 0.5 point, rising from last week’s 3.26 percent average. A year ago, 15-year rates averaged 3.54 percent.
5-year hybrid adjustable-rate mortgages: averaged 3.06 percent, with an average 0.5 point, increasing from last week’s 2.99 percent average. Last year at this time, 5-year ARMs averaged 3.11 percent.
1-year ARMs: averaged 2.43 percent, with an average 0.4 point, dropping from last week’s 2.45 percent average. A year ago, 1-year ARMs averaged 2.65 percent.

Source: http://realtormag.realtor.org/daily-news/2014/09/19/mortgage-rates-make-biggest-jump-year?om_rid=AADG1r&om_mid=_BUHIQ$B88isibq&om_ntype=RMODaily

Mortgage Rates as the Fed Tapers

9/17/2014

The FED met today and at this time they did not raise rates. Prime remains at 3.25%.

The plan is to continue to taper the purchasing of mortgage backed securities by $10 Billion per month in the third quarter to a total of $15 Billion per month.

This is not new news; just a reminder that we will see rates rise in the coming months. The other comment made was the FED will continue to keep rates low for a considerable time. My personal thoughts are we will see a gradual increase in rates over time vs. a sudden rise.

I have seen rates tick up in the last week with the anticipation of this announcement.

Today a 30 year fixed is holding onto 4.5% paying zero points (up to a loan amount of $417K); last week we were at 4.375%.

Source: Julia Eaton with Axia- juliaeaton.axiahomeloans.com

Water front homes worth more than non water front!?

9/15/2014

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A new report from Zillow says that water front homes are worth more than non waterfront homes. Well its obvious that any home on water, whether its ocean or lake in most cases is going to be worth more than a home not on water, but by how much?
The median value of homes in Seattle not on the water is just under $500,000 and for those homes on the water it can be up to 250% more. That means that the average water front single family home is worth double, if not more than the median value of homes not on the water in Seattle. Wow, thats a big difference for a city that is surrounded by so much water. The numbers of course vary for areas like bellevue, Bainbridge or Mercer Island.
Seattle is one of the fastest growing cities in the US. From my office I can look outside at the city skyline and count over 20 cranes! Love this city, and all the water that surrounds it.

"The typical oceanfront or lakefront, single-family home is worth more than double the median value of all homes, and in some communities the median waterfront house could be worth ten or more times the median value of non-waterfront houses," says Zillow.

Source: http://www.bizjournals.com/seattle/morning_call/2014/09/no-surprise-here-zillow-says-washington-waterfront.html?iana=ind_rre

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Mortgage rates make highest jump of the year

Mortgage Rates as the Fed Tapers

Water front homes worth more than non water front!?

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