Newsworthy
– Let’s get our buyers off the fence!
Rates
are down, but they will not last forever. Inventory has ticked up and
your buyers now have selection.
Let’s
kick the summer sales season off now and put our buyers into the home they’ve
been looking for. Take inventory of your most serious buyers today,
select the 3 best properties to show them (or go get a One Party Listing), get
them excited and get them to the table to make an offer!!
Good
luck!
Patrick
- DSNews.com - http://dsnews.com -
Mortgage
Rates Continue Month-Long Slide
Posted By Tory Barringer On May 30, 2014 @ 12:00 pm In Daily
Dose,Featured,Headlines,Market Studies,News | No
Comments
Mortgage
rate declines have continued now for more than a month straight, bringing
interest rates down once again to new 2014 lows.
In its weekly
released Primary
Mortgage Market Survey [1], Freddie Mac [2] found the
average rate for a 30-year fixed-rate mortgage (FRM) was 4.12 percent (0.6
point) for the week ending May 29, down from 4.14 percent last week and the
lowest 30-year fixed average since October 2013.
The
15-year FRM also slid down, averaging 3.21 percent (0.5 point) compared to last
week's 3.25 percent.
The
latest rate movements accompanied mixed news in the housing market, noted Frank
Nothaft, Freddie Mac's chief economist: "Fixed mortgage rates eased a bit
for the fifth consecutive week as reports thatexisting
home sales [3] are up 1.3 percent but not as much as
expected. However, new home
sales [4] rose 6.4 percent in April to a seasonally adjusted
annual rate of 433,000, which followed an upward revision of 11,000 units for
the prior two months."
Movements
were mixed for adjustable-rate mortgages (ARMs). According to Freddie Mac, the
5-year Treasury-indexed hybrid ARM averaged 2.96 percent (0.3 point), unchanged
from the last survey. Meanwhile, the 1-year ARM averaged 2.41 percent (0.4
point), down from 2.43 percent.
Bankrate.com's [5] weekly
national survey also showed declines for fixed rates, though adjustable rates
were up. According to the finance site's latest
data [6], the 30-year fixed last week averaged 4.25 percent,
while the 15-year fixed was down to 3.35 percent. The 5/1 ARM, on the other
hand, edged up a few basis points to 3.24 percent.
With the
Federal Reserve tapering its stimulus purchases, analysts for Bankrate say it's
outside pressures pushing rates down: "A number of factors come into play:
disappointing U.S. economic growth at the start of 2014; slower growth in
emerging markets; the prospect of European stimulus measures; and geopolitical
issues around the globe, to name a few. But the bottom line is this—any time
investors get nervous, whatever the reason, it is good news for mortgage
shoppers."
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