Nashville Mortgage Rates Jump Amid Financial Turmoil

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.09% with an average 0.7% for the week ending September 25, 2008, up from the prior week when it averaged 5.78%. Last year at this time, the 30-year FRM averaged 6.42%.

The 15-year FRM on Friday averaged 5.77% with an average 0.6 point, up from the previous week when it averaged 5.35%. A year ago at this time, the 15-year FRM averaged 6.09%.

Mortgage rates followed Treasury bond yields higher this week amid market uncertainty over the current state of the economy,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The latest housing information for the third quarter continues to show some softness in prices and sales activity.”

It is certainly our advice to wait on that refinance if possible. We expect that mortgage rates will be a half point lower by Spring of 2009. Cumberland Commercial reports that the commercial lending rate has more than doubled over the past 12 months.

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Nashville Mortgage Rates Jump Amid Financial Turmoil

Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.09% with an average 0.7% for the week ending September 25, 2008, up from the prior week when it averaged 5.78%. Last year at this time, the 30-year FRM averaged 6.42%.

The 15-year FRM on Friday averaged 5.77% with an average 0.6 point, up from the previous week when it averaged 5.35%. A year ago at this time, the 15-year FRM averaged 6.09%.

Mortgage rates followed Treasury bond yields higher this week amid market uncertainty over the current state of the economy,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The latest housing information for the third quarter continues to show some softness in prices and sales activity.”

It is certainly our advice to wait on that refinance if possible. We expect that mortgage rates will be a half point lower by Spring of 2009. Cumberland Commercial reports that the commercial lending rate has more than doubled over the past 12 months.

If you enjoyed this post, you may also enjoy:
Mortgage Rates Hits New Record Low
Tennessee Realtors Look For Another Job
U.S. Seizes Control of Freddie & Fannie

Forbes Ranks Nashville as Top 10 Most Affordable City

Among all of the negative news stories one news item actually was a “win” for Tennessee’s largest city:

The cost of buying and maintaining a home is pretty reasonable if you live in certain Midwestern or Southern cities, according to Forbes magazine’s new report.

To determine America’s least expensive places to own a home, Forbes used data from the U.S. Census Bureau’s 2008 American Community Survey, released Tuesday.

The survey reported the 2007 median monthly housing costs in the country’s metro areas with a population over 65,000. Housing costs include monthly mortgage payments, real estate taxes, various insurances, utilities, fuels, mobile home costs and condominium fees.

Here are the top-10 cheapest cities to own a home:

1. Cleveland: $978 a month
2. Columbus, Ohio: $1,060 a month
3. Pittsburgh: $1,187 a month
4. San Antonio, Texas: $1,216 a month
5. Indianapolis: $1,232 a month
6. NASHVILLE: $1,256 A MONTH
7. New Orleans: $1,296 a month
8. St. Louis: $1,299 a month
9. Charlotte, N.C.: $1,336 a month
10. Cincinnati: $1,353 a month

This information certainly bodes well for all of the above listed cities. Many believe that if one of these areas can experience positive job growth in 2009, a price explosion may ensue.

If you liked this post, you may also like:
Nashville Real Estate Market Report February 2009
Historic US Home Values Chart
The Healthiest Housing Markets for 2009
Nashville Housing Market – July Report

Forbes Ranks Nashville as Top 10 Most Affordable City

Among all of the negative news stories one news item actually was a “win” for Tennessee’s largest city:

The cost of buying and maintaining a home is pretty reasonable if you live in certain Midwestern or Southern cities, according to Forbes magazine’s new report.

To determine America’s least expensive places to own a home, Forbes used data from the U.S. Census Bureau’s 2008 American Community Survey, released Tuesday.

The survey reported the 2007 median monthly housing costs in the country’s metro areas with a population over 65,000. Housing costs include monthly mortgage payments, real estate taxes, various insurances, utilities, fuels, mobile home costs and condominium fees.

Here are the top-10 cheapest cities to own a home:

1. Cleveland: $978 a month
2. Columbus, Ohio: $1,060 a month
3. Pittsburgh: $1,187 a month
4. San Antonio, Texas: $1,216 a month
5. Indianapolis: $1,232 a month
6. NASHVILLE: $1,256 A MONTH
7. New Orleans: $1,296 a month
8. St. Louis: $1,299 a month
9. Charlotte, N.C.: $1,336 a month
10. Cincinnati: $1,353 a month

This information certainly bodes well for all of the above listed cities. Many believe that if one of these areas can experience positive job growth in 2009, a price explosion may ensue.

If you liked this post, you may also like:
Nashville Real Estate Market Report February 2009
Historic US Home Values Chart
The Healthiest Housing Markets for 2009
Nashville Housing Market – July Report

Nashville Mortgage Rate at 7 Month Low

Freddie Mac reports a decline in the 30-year fixed mortgage rate to 5.78% during the week ended September 18 from 5.93% the prior week, marking the lowest level in seven months. During the same period, the 15-year mortgage rate dropped to 5.35% from 5.54%. Meanwhile, interest on five-year adjustable mortgages slipped to 5.67% from 5.87%; and the one-year ARM slid to 5.03% from 5.21%.

This might be a good time to refinance your mortgages, unless you believe as I do that rates will slip below 5 percent next year. I am currently holding my investment homes and planning on a refi by Spring of 2009. Rental rates are coming down in Nashville, but I think that it’s the right move.

If you enjoyed this post, you may also enjoy:
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To Refinance or Not to Refinance, That is the Question
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Mortgage Rates Creep Back Up

Nashville Mortgage Rate at 7 Month Low

Freddie Mac reports a decline in the 30-year fixed mortgage rate to 5.78% during the week ended September 18 from 5.93% the prior week, marking the lowest level in seven months. During the same period, the 15-year mortgage rate dropped to 5.35% from 5.54%. Meanwhile, interest on five-year adjustable mortgages slipped to 5.67% from 5.87%; and the one-year ARM slid to 5.03% from 5.21%.

This might be a good time to refinance your mortgages, unless you believe as I do that rates will slip below 5 percent next year. I am currently holding my investment homes and planning on a refi by Spring of 2009. Rental rates are coming down in Nashville, but I think that it’s the right move.

If you enjoyed this post, you may also enjoy:
National Foreclosures Spike, Lender Modifications
To Refinance or Not to Refinance, That is the Question
Nashville Mortgage Rates Drop to All Time Low
Mortgage Rates Creep Back Up

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