Nashville Mortgage Rates On The Rise

Nashville mortgage rates up sharply

Freddie Mac reports a more than quarter point gain in the 30-year fixed mortgage rate to 6.63% during the week ended July 24 from the prior week, marking the highest level since it reached 6.68% last August. The 15-year fixed mortgage rate also increased, climbing to 6.18% from 5.78%. Meanwhile, the five-year hybrid adjustable mortgage rate rose to 6.16% from 5.80%; and the one-year ARM surged to 5.49% from 5.10%.

Freddie Mac chief economist Frank Nothaft attributes the jump to “market concerns about rising inflation, further weakness in the housing market and greater probability that the Federal Reserve will raise short-term rates this year.” There is no doubt that we are looking at a volatile lending atmosphere while oil prices increase and inflation worries worsen. Look for Nashville mortgage rates to ease when the price of oil comes down under $140 per barrel.

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Nashville Mortgage Rates On The Rise

Nashville mortgage rates up sharply

Freddie Mac reports a more than quarter point gain in the 30-year fixed mortgage rate to 6.63% during the week ended July 24 from the prior week, marking the highest level since it reached 6.68% last August. The 15-year fixed mortgage rate also increased, climbing to 6.18% from 5.78%. Meanwhile, the five-year hybrid adjustable mortgage rate rose to 6.16% from 5.80%; and the one-year ARM surged to 5.49% from 5.10%.

Freddie Mac chief economist Frank Nothaft attributes the jump to “market concerns about rising inflation, further weakness in the housing market and greater probability that the Federal Reserve will raise short-term rates this year.” There is no doubt that we are looking at a volatile lending atmosphere while oil prices increase and inflation worries worsen. Look for Nashville mortgage rates to ease when the price of oil comes down under $140 per barrel.

If you enjoyed this post, you may also enjoy:
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National Foreclosures Rise in 2nd Quarter

Middle Tennessee foreclosures in Nashville, TN

On Friday, RealtyTrac released their national quarterly report on foreclosures, showing a 14% RISE in foreclosure filings in the second quarter of 2008. The report also shows that nationally one in every 171 U.S. households received a foreclosure filing during the quarter.

“Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “48 of 50 states and 95 out of the nation’s 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter.

Bank repossessions, or REOs, accounted for 30% of total foreclosure activity in the second quarter, up from 24% of the total in the first quarter,” Saccacio continued. “This shift in the distribution of activity indicates that there is a progression toward purging the problem loans out of the system – at which point the housing market can regain some sense of normalcy. Of course if another surge in defaults occurs, which could well happen later this year, it would refill the foreclosure pipeline and prolong the recovery.”
Tennessee’s foreclosure rate ranked 13th in the U.S., while Nevada, California, Arizona, and Florida ranked 1st through 4th in the nation, respectively.
In their survey of the top 100 Metro Markets for foreclosure activity, most of the top (hardest hit) cities are in the four states mentioned above.
Memphis ranked 25th in the nation with a rate of 1 filing for every 105 households, Nashville ranked 56th with a rate of 1 filing for every 238 households, and Knoxville ranked 75th (a rate of 1 out of every 354 households). Now just might be the perfect time to jump on one of these Nashville foreclosure opportunities.

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National Foreclosures Rise in 2nd Quarter

Middle Tennessee foreclosures in Nashville, TN

On Friday, RealtyTrac released their national quarterly report on foreclosures, showing a 14% RISE in foreclosure filings in the second quarter of 2008. The report also shows that nationally one in every 171 U.S. households received a foreclosure filing during the quarter.

“Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “48 of 50 states and 95 out of the nation’s 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter.

Bank repossessions, or REOs, accounted for 30% of total foreclosure activity in the second quarter, up from 24% of the total in the first quarter,” Saccacio continued. “This shift in the distribution of activity indicates that there is a progression toward purging the problem loans out of the system – at which point the housing market can regain some sense of normalcy. Of course if another surge in defaults occurs, which could well happen later this year, it would refill the foreclosure pipeline and prolong the recovery.”
Tennessee’s foreclosure rate ranked 13th in the U.S., while Nevada, California, Arizona, and Florida ranked 1st through 4th in the nation, respectively.
In their survey of the top 100 Metro Markets for foreclosure activity, most of the top (hardest hit) cities are in the four states mentioned above.
Memphis ranked 25th in the nation with a rate of 1 filing for every 105 households, Nashville ranked 56th with a rate of 1 filing for every 238 households, and Knoxville ranked 75th (a rate of 1 out of every 354 households). Now just might be the perfect time to jump on one of these Nashville foreclosure opportunities.

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Foreclosure in Historic East Nashville
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How Will Subprime Loans Affect Nashville?

Rates on 30-Year Nashville Mortgages Rise

nashville mortgage rates

Freddie Mac reports a slight jump in the 30-year fixed mortgage rate to 6.37% during the week ended July 10 from 6.35% the prior week. The five-year adjustable mortgage rate also moved up, climbing to 5.82% from 5.78%. However, the 15-year fixed rate fell to 5.91% from 5.92%; and the one-year ARM was unchanged at 5.17%.

Freddie Mac chief economist Frank Nothaft notes a higher-than-anticipated decline in the National Association of Realtors’ pending home index. We believe that this trend will continue nationally and will really begin to affect Nashville real estate by early 2009.

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Rates on 30-Year Nashville Mortgages Rise

nashville mortgage rates

Freddie Mac reports a slight jump in the 30-year fixed mortgage rate to 6.37% during the week ended July 10 from 6.35% the prior week. The five-year adjustable mortgage rate also moved up, climbing to 5.82% from 5.78%. However, the 15-year fixed rate fell to 5.91% from 5.92%; and the one-year ARM was unchanged at 5.17%.

Freddie Mac chief economist Frank Nothaft notes a higher-than-anticipated decline in the National Association of Realtors’ pending home index. We believe that this trend will continue nationally and will really begin to affect Nashville real estate by early 2009.

If you liked this post, you may also like:
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