Mortgage Rates are Finally in Retreat

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.69% with an average 0.5 point for the week ending June 21, 2007, down from the previous week when it averaged 6.74%. Last year at this time, the 30-year FRM averaged 6.71%.

The 15-year FRM on Friday averaged 6.37% with an average 0.5 point, down from the prior week when it averaged 6.43%. A year ago, the 15-year FRM averaged 6.36%. Creative financing may be the answer when building new home construction in the Nashville, TN area.

Mortgage rates eased this week due to market concerns that the housing market will be a longer drag on the economy,” said Frank Nothaft, Freddie Mac vice president and chief economist. “May’s housing starts fell for the first time in four months, while home builder optimism in June fell to a sixteen-year low.”

We are certainly entering into a period of a buyer’s market and now is a great time to take advantage of the Nashville real estate market. Feel free to contact our mortgage experts for a free, no hassle evaluation of your true buying power.

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Mortgage Rates are Finally in Retreat

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.69% with an average 0.5 point for the week ending June 21, 2007, down from the previous week when it averaged 6.74%. Last year at this time, the 30-year FRM averaged 6.71%.

The 15-year FRM on Friday averaged 6.37% with an average 0.5 point, down from the prior week when it averaged 6.43%. A year ago, the 15-year FRM averaged 6.36%. Creative financing may be the answer when building new home construction in the Nashville, TN area.

Mortgage rates eased this week due to market concerns that the housing market will be a longer drag on the economy,” said Frank Nothaft, Freddie Mac vice president and chief economist. “May’s housing starts fell for the first time in four months, while home builder optimism in June fell to a sixteen-year low.”

We are certainly entering into a period of a buyer’s market and now is a great time to take advantage of the Nashville real estate market. Feel free to contact our mortgage experts for a free, no hassle evaluation of your true buying power.

If you liked this post, you may also like:
Remarkable Homes Predicts Residential Real Estate Future
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Nashville Mortgage Rates Jump Amid Financial Turmoil

Mortgage Rates Rise Again, More Sharply

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.74% with an average 0.4 point for the week ending June 14, 2007, up from the previous week when it averaged 6.53%. Last year at this time, the 30-year FRM averaged 6.63%. The 30-year FRM has not been higher since the week ending July 20, 2006, when it averaged 6.83%.

The 15-year FRM on Friday averaged 6.43% with an average 0.4 point, up from the prior week when it averaged 6.22%. A year ago, the 15-year FRM averaged 6.25%. The 15-year FRM has not been higher since the week ending July 6, 2006, when it averaged 6.44%.

Mortgage rates moved sharply upward this week, with rates on 30-year fixed-rate mortgages jumping more than 20 basis points, the largest upward movement in over three years,” said Frank Nothaft, Freddie Mac vice president and chief economist. “These moves parallel rising yields on Treasury securities, as concerns about inflation pressures and continuing strength of consumer and business spending have dimmed hopes for an interest rate cut.”

“Higher mortgage rates may weigh on the housing market’s gradual recovery. While demand appears to have stabilized, inventories of new homes remain high, putting downward pressure on new construction and home prices.”

In a transitional real estate period, it is more important that ever to work with the best Nashville real estate agents you can. Contact the Nashville Remarkable Homes Team today to find out how to make big money in our market!!

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Mortgage Rates Rise Again, More Sharply

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.74% with an average 0.4 point for the week ending June 14, 2007, up from the previous week when it averaged 6.53%. Last year at this time, the 30-year FRM averaged 6.63%. The 30-year FRM has not been higher since the week ending July 20, 2006, when it averaged 6.83%.

The 15-year FRM on Friday averaged 6.43% with an average 0.4 point, up from the prior week when it averaged 6.22%. A year ago, the 15-year FRM averaged 6.25%. The 15-year FRM has not been higher since the week ending July 6, 2006, when it averaged 6.44%.

Mortgage rates moved sharply upward this week, with rates on 30-year fixed-rate mortgages jumping more than 20 basis points, the largest upward movement in over three years,” said Frank Nothaft, Freddie Mac vice president and chief economist. “These moves parallel rising yields on Treasury securities, as concerns about inflation pressures and continuing strength of consumer and business spending have dimmed hopes for an interest rate cut.”

“Higher mortgage rates may weigh on the housing market’s gradual recovery. While demand appears to have stabilized, inventories of new homes remain high, putting downward pressure on new construction and home prices.”

In a transitional real estate period, it is more important that ever to work with the best Nashville real estate agents you can. Contact the Nashville Remarkable Homes Team today to find out how to make big money in our market!!

If you enjoyed this post, you might also like:
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Mortgage Rates Still Heading North

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.53% with an average 0.4 point for the week ending June 7, 2007, up from the prior week when it averaged 6.42%. Last year at this time, the 30-year FRM averaged 6.62%. The 30-year FRM has not been higher since the week ending August 10, 2006, when it averaged 6.55%.

The 15-year FRM on Friday averaged 6.22% with an average 0.4 point, up from the previous week when it averaged 6.12%. A year ago, the 15-year FRM averaged 6.23%. The 15-year FRM has not been higher since the week ending August 3, 2006, when it averaged 6.27%.

Mortgage rates climbed this week owing to market concerns of a tight labor force and wage growth. May’s unemployment rate remained at the second lowest level since May 2001 while average hourly earnings rose,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Meanwhile, Freddie Mac released a new purchase-transaction only version of its Conventional Mortgage Home Price Index this week which showed a sharp deceleration in house-price appreciation in the first quarter of 2007. As house prices grow less quickly and household incomes rise, the housing market will likely recover from its current slump, but perhaps not before the end of this year.”

NAR Senior Economist Lawrence Yun paints a somewhat more optimistic picture: “Nashville Home sales will probably fluctuate in a narrow range in the short run, but gradually trend upward with improving activity by the end of the year. It’s important to keep in mind that all real estate is local, and many markets are expected to have higher sales and strengthening prices during the second half of this year.”

These current mortgage rates should not affect Nashville as much as the rest of the Country as Nashville real estate is still rated in the top 10 for value by most major publications.

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Mortgage Rates Still Heading North

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.53% with an average 0.4 point for the week ending June 7, 2007, up from the prior week when it averaged 6.42%. Last year at this time, the 30-year FRM averaged 6.62%. The 30-year FRM has not been higher since the week ending August 10, 2006, when it averaged 6.55%.

The 15-year FRM on Friday averaged 6.22% with an average 0.4 point, up from the previous week when it averaged 6.12%. A year ago, the 15-year FRM averaged 6.23%. The 15-year FRM has not been higher since the week ending August 3, 2006, when it averaged 6.27%.

Mortgage rates climbed this week owing to market concerns of a tight labor force and wage growth. May’s unemployment rate remained at the second lowest level since May 2001 while average hourly earnings rose,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Meanwhile, Freddie Mac released a new purchase-transaction only version of its Conventional Mortgage Home Price Index this week which showed a sharp deceleration in house-price appreciation in the first quarter of 2007. As house prices grow less quickly and household incomes rise, the housing market will likely recover from its current slump, but perhaps not before the end of this year.”

NAR Senior Economist Lawrence Yun paints a somewhat more optimistic picture: “Nashville Home sales will probably fluctuate in a narrow range in the short run, but gradually trend upward with improving activity by the end of the year. It’s important to keep in mind that all real estate is local, and many markets are expected to have higher sales and strengthening prices during the second half of this year.”

These current mortgage rates should not affect Nashville as much as the rest of the Country as Nashville real estate is still rated in the top 10 for value by most major publications.

If you liked this post, you might also like:
Pictures of The Encore in Nashville, TN
Historic US Home Values Chart
Mortgage Rates Set Another New Low

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