CNN.com just published this market report on the 30 year rates which are now at 6.18% BELOW last years average (6.28%).
Long term rates hit lowest level since first of the year; 30 year fixed hits 6.18%.
November 22 2006: 12:09 PM EST
NEW YORK (CNNMoney.com) -- Mortgage rates continued its downward slide reaching its lowest since the first of the year on slower growth in the market, according to a survey released Wednesday.
The 30-year fixed-rate mortgage averaged 6.18 percent for the week ending Nov. 22, down from 6.24 percent, according to Freddie Mac's (Charts) Primary Mortgage Market Survey. A year ago, the 30-year averaged 6.28 percent
The 15-year fixed-rate mortgage averaged 5.91 percent this week, down from 5.94 percent last week. A year ago, it averaged 5.81 percent. This is the lowest the 15-year has been since the week ending March 2, 2006 when it averaged 5.89 percent.
Rates for five-year adjustable-rate mortgages (ARMs) came in at 5.99 percent this week, down from 6.04 percent last week. A year ago, they averaged 5.75 percent.
One-year ARMs averaged 5.49 percent, down from 5.54 percent last week. A year ago, the one-year ARM averaged 5.14 percent.
"Housing starts in October were down more than expected, which the market saw as an indication housing would be a bigger drag on the economy than had previously been thought," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement. "Slower growth usually means less inflation and less inflation means lower interest rates. Hence, the drop in mortgage rates this week."
Wednesday, November 22, 2006
Tuesday, November 21, 2006
Economists 2 to 1 say BUST is over
The Wall Street Journal interviewed national economists whopredicted a slight (2.8%) increase in home prices this year. They also on average predicted a 0.5% fall in home prices next year. That is a sharp contrast to the double digit growth we've experienced for the past several years.
2005 showed a 13.5% growth.
Home price predictions varied widely depending upon region or city, from as much as a 7% average increase to a 10% decline for 2007. 20 economist predicted a rise in prices where 24 predicted a decline.
"We're starting to see inventories topping out and possible declining" the WSJ quoted economist Richard DeKaser of National City Corp.
Some are predicting that while the worst is over housing does remain a big risk to the national economy. The 3rd quarter housing slump subtracted 1.1 percentage points from the GDP according to the WSJ citing the Commerce Department .
Stable energy prices and jobs combined with the Feds control of inflation should help neutralize any negative impact the housing industry has on the economy.
2005 showed a 13.5% growth.
Home price predictions varied widely depending upon region or city, from as much as a 7% average increase to a 10% decline for 2007. 20 economist predicted a rise in prices where 24 predicted a decline.
"We're starting to see inventories topping out and possible declining" the WSJ quoted economist Richard DeKaser of National City Corp.
Some are predicting that while the worst is over housing does remain a big risk to the national economy. The 3rd quarter housing slump subtracted 1.1 percentage points from the GDP according to the WSJ citing the Commerce Department .
Stable energy prices and jobs combined with the Feds control of inflation should help neutralize any negative impact the housing industry has on the economy.
Economists 2 to 1 say BUST is over
The Wall Street Journal interviewed national economists whopredicted a slight (2.8%) increase in home prices this year. They also on average predicted a 0.5% fall in home prices next year. That is a sharp contrast to the double digit growth we've experienced for the past several years.
2005 showed a 13.5% growth.
Home price predictions varied widely depending upon region or city, from as much as a 7% average increase to a 10% decline for 2007. 20 economist predicted a rise in prices where 24 predicted a decline.
"We're starting to see inventories topping out and possible declining" the WSJ quoted economist Richard DeKaser of National City Corp.
Some are predicting that while the worst is over housing does remain a big risk to the national economy. The 3rd quarter housing slump subtracted 1.1 percentage points from the GDP according to the WSJ citing the Commerce Department .
Stable energy prices and jobs combined with the Feds control of inflation should help neutralize any negative impact the housing industry has on the economy.
2005 showed a 13.5% growth.
Home price predictions varied widely depending upon region or city, from as much as a 7% average increase to a 10% decline for 2007. 20 economist predicted a rise in prices where 24 predicted a decline.
"We're starting to see inventories topping out and possible declining" the WSJ quoted economist Richard DeKaser of National City Corp.
Some are predicting that while the worst is over housing does remain a big risk to the national economy. The 3rd quarter housing slump subtracted 1.1 percentage points from the GDP according to the WSJ citing the Commerce Department .
Stable energy prices and jobs combined with the Feds control of inflation should help neutralize any negative impact the housing industry has on the economy.
Saturday, November 18, 2006
Condos Old and New Up and Down
New condo sales down again in 3QSales of new condos and townhouses downtown fell 35% to 1,324 in the third quarter compared to the year-earlier period. Sales dropped 11.5% from the second quarter, the second straight quarterly decline, according to a new report by Appraisal Research Counselors. Sales of condos newly converted from apartments or other types of space — a small slice of the market — rose 80%, but sales of new-construction condos dropped 38% from the second quarter. Appraisal Research predicts a record 6,500 new-construction condos will begin marketing this year, compared with 4,700 last year.
Thursday, November 09, 2006
Free Cruise for Two on Me!
Buy a home through me or Sell your home through me! Cruise for two on me! Five days/Four nights to Mexico, the Bahamas or the Western Carribean on Carnival Cruises (and their subsidiaries). Click here for more cruise information on my website as well as my buyer and seller services page. Don't worry I won't be going with you!
Listen here to our free podcast on this offer: http://www.rememberjim.com/podcast/freecruise.m4v
Mexico
Bahamas
Western Caribbean
5 day/4 night Cruise for 2 adults
The fine print:
• Must close on a purchase or sale with me as your designated agent
• You pay for your transportation to port city.
• You pay port tax/charges of $198
• Travel blackout dates apply but there are over 50 cruise start dates
• Yes you can buy additional spots and yes you can upgrade your spots
Call Jim Gramata Broker Associate with Keller Williams Lincoln Park Realty at 773.252.HOME or toll free 866-251-2176 for your free home consultation on my services and to make sure we are comfortable working together.
This is not a solicitation if you are currently in an exclusive agreement with another brokerage
City Programs That Can Benefit You
Buying and Selling a Home in the City of Chicago:
Bill Pavala, Assistant Commissioner of the Department of Housing and Senior Housing Coordinator, will present "Buying and Selling a Home in the City of Chicago: City Programs That Benefit You"
When: Wednesday, November 15, 10:00am-11:00am
Where: 6700 S. Keating Avenue, Chicago
The event, sponsored by Senior Lifestyle Corporation, in conjuction with the City of Chicago, will cover four important programs offered by the City of Chicago that would benefit your clients:
- Bungalow Initiative
- Tax Smart Program
- City Mortgage Program
- Greystone Initiative
The presentation will be followed by a Q&A session. RSVP to Lydia Morris at RSVP by phone to 773-582-2888 or by email to lmorris@seniorlifestyle.com.
Bill Pavala, Assistant Commissioner of the Department of Housing and Senior Housing Coordinator, will present "Buying and Selling a Home in the City of Chicago: City Programs That Benefit You"
When: Wednesday, November 15, 10:00am-11:00am
Where: 6700 S. Keating Avenue, Chicago
The event, sponsored by Senior Lifestyle Corporation, in conjuction with the City of Chicago, will cover four important programs offered by the City of Chicago that would benefit your clients:
- Bungalow Initiative
- Tax Smart Program
- City Mortgage Program
- Greystone Initiative
The presentation will be followed by a Q&A session. RSVP to Lydia Morris at RSVP by phone to 773-582-2888 or by email to lmorris@seniorlifestyle.com.
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