Mortgage Rates Jump to 4-Year High

Mortgage Rates Jump to 4-Year High
Freddie Mac   article by Daily Real Estate News | April 20, 2018

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After mostly stagnant activity levels in recent weeks, mortgage rates are back on the move. The 30-year fixed-rate mortgage rose to its highest level since January 2014 this week, also seeing its largest weekly increase since February of this year, Freddie Mac reports.

Average mortgage rates were higher across the board too, posting weekly increases to not only the 30-year fixed-rate mortgage but also to 15-year and 5-year hybrid adjustable-rate mortgages.

Freddie Mac reports the following national averages in mortgage rates for the week ending April 19:

  • 30-year fixed-rate mortgages: averaged 4.47 percent, with an average 0.5 point, rising from last week’s 4.42 percent average. Last year at this time, 30-year rates averaged 3.97 percent.
  • 15-year fixed-rate mortgages: averaged 3.94 percent, with an average 0.4 point, rising from last week’s 3.87 percent average. A year ago, 15-year rates averaged 3.23 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.67 percent, with an average 0.3 point, increasing from last week’s 3.61 percent average. A year ago, 5-year ARMs averaged 3.10 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 042018

Another Week of Mostly Flat Mortgage Rates

Another Week of Mostly Flat Mortgage Rates
Freddie Mac   article by Daily Real Estate News | April 13, 2018

Borrowing costs haven’t budged much in recent weeks, offering some relief from the weekly rate increases that had almost become routine at the start of 2018.

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“Mortgage rates have been holding steady over the past two months,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Rates have bounced around 4.4 percent since mid-February. Rates could break out and head higher if inflation continues to firm. … If inflation continues to trend higher, we may see two or three more rate hikes from the Fed this year, and mortgage rates could follow. For now, mortgage rates are still quite low by historical standards, helping to support homebuyer affordability as the spring home buying season ramps up.”

Freddie Mac reports the following national averages with mortgage rates for the week ending April 12:

30-year fixed-rate mortgages averaged 4.42 percent, with an average 0.4 point, up from last week’s 4.40 percent average. Last year at this time, 30-year rates averaged 4.08 percent.

15-year fixed-rate mortgages averaged 3.87 percent, with an average 0.4 point, holding the same average as last week. A year ago, 15-year rates averaged 3.34 percent.

5-year hybrid adjustable-rate mortgages averaged 3.61 percent, with an average 0.3 point, dropping from last week’s 3.62 percent average. A year ago, 5-year ARMs averaged 3.18 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 041318

U.S. News Reveals Best Places to Live List

U.S. News Reveals Best Places to Live List
U.S. News & World Report
article by Daily Real Estate News | April 11, 2018

Austin, Texas, ranked number one for the second year in a row as the top place to live in the United States, according to new rankings released by U.S. News & World Report. The magazine ranks the 125 largest metros based on affordability, employment prospects, and quality of life each year.

“When deciding on a place to settle down, it’s important to understand that where a person lives can impact their well-being,” says Kim Castro, executive editor at U.S. News. “The top-ranked places are areas where citizens can feel the most fulfilled socially, physically, and financially.”

The top 12 best places to live in 2018 are:

  1. Austin, Texas
  2. Colorado Springs, Colorado
  3. Denver, Colorado
  4. Des Moines, Iowa
  5. Fayetteville, Arkansas
  6. Portland, Oregon
  7. Huntsville, Alabama
  8. Washington, D.C.
  9. Minneapolis, Minnesota
  10. Seattle, Washington
  11. Nashville, Tennessee
  12. Grand Rapids, Michigan

Source: U.S. News & World Report; REALTOR® Magazine Online, Daily Real Estate News 041118

Middle Tennessee Home Sales Begin Taking Shape for Spring

Middle Tennessee Home Sales Begin Taking Shape for Spring
Press Release by Greater Nashville REALTORS® | April 9, 2018

House 1040NASHVILLE, Tenn. (April 9, 2018) – There were 3,446 home closings reported for the month of March, according to figures provided by Greater Nashville REALTORS®. This figure represents a .7 percent increase compared to the 3,420 closings in March 2017.

Data for the first quarter of 2018 showed 8,210 closings, down 1.5 percent from the 8,338 closings during the first quarter of 2017.

“March is the early start of the spring home buying and selling season, and it marked a turning point for sales in the region with our first increase in year-over-year sales this year,” said Greater Nashville REALTORS® President Sher Powers. “The data shows what is typical for this time of year, with increases in closings, price and inventory. The strong number of pending home sales indicates a solid season ahead for our market.”

There were 4,076 sales pending at the end of March, compared with 3,739 pending sales at this time last year. The average number of days on the market for a single-family home was 34 days.

The median residential price for a single-family home during March was $297,915 and for a condominium it was $218,600. This compares with last year’s median residential and condominium prices of $273,500 and $199,900, respectively.

Inventory at the end of March was 8,521, down slightly from 8,568 in March 2017.

“April is recognized nationally as Fair Housing Month. This year is even more significant as we celebrate the 50th anniversary of the Fair Housing Act. REALTORS® are long-standing proponents of equal opportunity in housing and will continue working to ensure quality housing is available for all,” said Powers.

••• Greater Nashville REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics. •••

Source: Greater Nashville REALTORS®, Press Release 040918

Mortgage Rates Ease This Week

Mortgage Rates Ease This Week
Freddie Mac   article by Daily Real Estate News | April 6, 2018

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Borrowers found some relief for the second consecutive week with lower mortgage rates.

“After dropping earlier this week on trade-related anxiety in financial markets, the benchmark 10-year Treasury stabilized on Wednesday, but at a level slightly lower than from the start of last week,” explains Len Kiefer, Freddie Mac’s deputy chief economist. “Mortgage rates followed and fell for the second consecutive week. … Though rates on the 30-year fixed mortgage are up 0.3 percentage points from the same week a year ago, a robust labor market is helping home purchase demand weather modestly higher rates.”

The Mortgage Bankers Association reported in its latest Weekly Mortgage Applications Survey that its index for home purchase applications is up 5 percent from a year ago “indicating that this spring is on track for a modest expansion in purchase mortgage activity,” Kiefer adds.

Freddie Mac reported the following national averages for the week ending April 5:

  • 30-year fixed-rate mortgages: averaged 4.40 percent, with an average 0.5 point, dropping from last week’s 4.44 percent average. Last year at this time, 30-year rates averaged 4.10 percent.
  • 15-year fixed-rate mortgages: averaged 3.87 percent, with an average 0.4 point, dropping from last week’s 3.90 percent average. A year ago, 15-year rates averaged 3.36 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.62 percent, with an average 0.4 point, falling from last week’s 3.66 percent average. A year ago, 5-year ARMs averaged 3.19 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 040618

Nationally: March Listing Prices Surpass 2017 Record

Nationally: March Listing Prices Surpass 2017 Record
realtor.com   article by Daily Real Estate News | April 5, 2018

House 1039The median list price for homes nationwide this March have now topped a record high set in 2017. The median list price was $280,000, up 8 percent year over year in March, topping last July’s record of $275,000, realtor.com® reports.

Not only are home prices higher but homes are also selling faster this year. Days on the market dropped 7 percent compared to last year, reaching a median of 63 days in March. There are also fewer homes for sale, with inventories of homes for sale dropping 8 percent, according to realtor.com®’s report, which is based on for-sale data culled from U.S. MLSs.

“Our latest inventory data tells us buyers are out in full force this spring,” says Javier Vivas, director of economic research for realtor.com®. “Never in history have there been more eyes on fewer homes than today.”

Vivas says that half of the homes selling this summer will likely be listed above $300,000.

“Buyers are not just paying more for the same home; the mix of homes in the market is rapidly changing,” he adds.

Housing inventories between $200,000 and $350,000 remain low, and homes under $200,000 are even harder to find, realtor.com® notes.

“March housing trends show the inventory depletion we’ve seen over the last two buying seasons is carrying over to this year,” realtor.com® notes in a release. “It’s going to be a languid search for buyers this season as they face the harshest, most competitive buying conditions yet.”

Source: realtor.com®; REALTOR® Magazine Online, Daily Real Estate News 040518

Middle Tennessee Beauty… a place to call home!

03_TNHometour--2_mlsMiddle Tennessee Beauty
a place to call home

207 Thoma Lane, Manchester TN
MLS 1915634  |  $1,295,000

Just listed and back on the market for spring this impressive luxury custom home with 25-acres surrounded by 250-acres of TVA land.
Built 2009 | 7,267 s.f. | 25-acres | 5 bed | 4/1 bath | 5-car garage

Details
view Website  view Video  View MLS 1915634

Exclusively Marketed by
Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular | (615) 371-2474 office
kb@bargers-solutions.com email | bargers-solutions.com web
2 Cadillac Drive, Brentwood TN 37027 address

#luxuryhomes #luxuryrealestate #nashvillerealestate