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Posts Tagged ‘december 2017

Mortgage Rates Climb This Week

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Mortgage Rates Climb This Week
Freddie Mac   article by Daily Real Estate News | December 8, 2017

Borrowing costs are increasing, but home buyers can still snag an interest rate that is lower than a year ago.

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“This week’s survey reflects last week’s uptick in long-term interest rates, with the 30-year fixed mortgage rate up 4 basis points to 3.94 percent,” says Len Kiefer, Freddie Mac’s deputy chief economist. “The 30-year mortgage rate has been bouncing around in a 10 basis point range since September. While long-term rates have been relatively steady week-to-week, shorter term interest rates have been on the rise. The spread between the 30-year fixed mortgage and the 5/1 Hybrid ARM rate was 59 basis points this week, down 43 basis points from earlier this year. With a narrower spread between fixed and adjustable mortgage rates, more borrowers are opting for a fixed product.”

The Mortgage Bankers Association reported this week that the ARM share of conventional mortgage applications was 16.7 percent, down from more than 20 percent in the spring.

Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 7:

  • 30-year fixed-rate mortgages: averaged 3.94 percent, with an average 0.5 point, increasing from last week’s 3.90 percent average. Last year at this time, 30-year rates averaged 4.13 percent.
  • 15-year fixed-rate mortgages: averaged 3.36 percent, with an average 0.5 point, increasing from last week’s 3.30 percent average. A year ago, 15-year rates averaged 3.36 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.35 percent, with an average 0.3 point, rising from last week’s 3.32 percent average. A year ago, 5-year ARMs averaged 3.17 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 120817


Kenneth Bargers, REALTOR® License 318311 ♦ Pilkerton Realtors License 257352
(615) 512-9836 cellular ♦ (615) 371-2474 office
kb@bargers-solutions.com emailkb@kennethbargers.realtor email
www.bargers-solutions..com webkennethbargers.com blog
2 Cadillac Drive, Brentwood, Tennessee 37027 address

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Nashville-Area Home Sales Up 6 Percent in November

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Nashville-Area Home Sales Up 6 Percent in November
Article by Greater Nashville REALTORS®, Press Release 120717

House 1022NASHVILLE, Tenn. (Dec. 7, 2017) – There were 3,177 home closings reported for the month of November, according to figures provided by Greater Nashville REALTORS®. This figure is up 6.7 percent from the 2,978 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area were 37,236 at the end of November. That is an increase of 4.4 percent from the 35,674 closings, reported through November 2016.

“Sales are up 6.7 percent year-over-year. Typically, sales drop in the fall and days-on-market expand. October to November of 2017 saw that same pattern,” said Greater Nashville REALTORS® President Scott Troxel.

“Sellers are more hesitant in putting their homes on the market during the holidays and colder months, and conversely, traffic from buyers also slows during this time. However, those who are in the market during the next few months, whether buying or selling, are serious about making a move in the market.

“Fewer properties on the market means less competition for sellers. When potential buyers are gift shopping more than they are home shopping, that also means less competition for determined buyers. If buying or selling real estate is a priority for you, now is a good time to move forward,” said Troxel.

There were 2,906 properties under contract at the end of the month, compared to the 2,591 properties under contract at this time last year. The average number of days on the market for a single-family home was 29 days.

The median residential price for a single-family home during November was $285,000 and for a condominium, it was $216,751. This compares with last year’s median residential and condominium prices of $259,900 and $182,390, respectively.

Active inventory at the end of November was 9,454, down from 9,946 in 2016.

“Middle Tennessee is still on track to end 2017 with a record year for our housing market. The positive trends needed to sustain a healthy market – modest growth in sales and prices – continue to mark our region,” said Troxel.

### 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 120717


Kenneth Bargers, REALTOR® License 318311 ♦ Pilkerton Realtors License 257352
(615) 512-9836 cellular ♦ (615) 371-2474 office
kb@bargers-solutions.com emailkb@kennethbargers.realtor email
www.bargers-solutions..com webkennethbargers.com blog
2 Cadillac Drive, Brentwood, Tennessee 37027 address

Written by Kenneth Bargers

December 8, 2017 at 3:06 pm

Mortgage Rates Sink Lower This Week

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Mortgage Rates Sink Lower This Week
Freddie Mac   article by Daily Real Estate News | December 1, 2017

The 30-year fixed-rate mortgage is averaging lower than it did a year ago, and remains well below the 4 percent threshold this week.

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“The 30-year fixed mortgage rate fell two basis points to 3.9 percent in this week’s survey, but we closed our survey prior to a surge in long-term interest rates following an upward revision to third quarter U.S. Real GDP growth and comments by Federal Reserve Chair Yellen touting a broad-based economic expansion,” says Len Kiefer, Freddie Mac’s deputy chief economist. “The market implied probability of a Fed rate hike in December neared 100 percent, helping to drive short term interest rates higher. The 5/1 Hybrid ARM, which is more sensitive to short-term rates than the 30-year fixed mortgage, increased 10 basis points to 3.32 percent in this week’s survey. The spread between the 30-year fixed mortgage and 5/1 Hybrid ARM is just 58 basis points this week, the lowest spread since November of 2012.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 30:

  • 30-year fixed-rate mortgages: averaged 3.90 percent, with an average 0.5 point, decreasing from last week’s 3.92 percent average. Last year at this time, the 30-year fixed-rate mortgage averaged 4.08 percent.
  • 15-year fixed-rate mortgages: averaged 3.30 percent, with an average 0.5, down from last week’s 3.32 percent. A year ago, 15-year rates averaged 3.34 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.32 percent, with an average 0.3 point, an increase from last week’s 3.22 percent average. A year ago, 5-year ARMs averaged 3.15 percent.

Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 120117


Kenneth Bargers, REALTOR® License 318311 ♦ Pilkerton Realtors License 257352
(615) 512-9836 cellular ♦ (615) 371-2474 office
kb@bargers-solutions.com emailkb@kennethbargers.realtor email
www.bargers-solutions..com webkennethbargers.com blog
2 Cadillac Drive, Brentwood, Tennessee 37027 address

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