Bradenton Real Estate

March 31, 2013

From Gloom to Bloom: Expecting the Healthiest Spring Season Since 2007

gloom to bloomFrom Gloom to Bloom: Expecting the Healthiest Spring Season Since 2007

Freddie Mac recently released its U.S. Economic and Housing Market Outlook through March showing that as we head into the spring home buying season, continued low mortgage rates, increasing house prices, and gradually improving consumer confidence will help support increased home sales. A short preview video and the complete March 2013 U.S. Economic and Housing Market Outlook are available here.

Outlook Highlights

• Compared to 2012, expect home sales to be up 8 to 10 percent for 2013.
• Expect housing starts to increase to 950,000 units for 2013, compared to 780,000 in 2012.
• In 2012, real estate added $1.5 trillion to balance sheets, and residential mortgage debt outstanding increased by 0.1 percent in the fourth quarter of 2012, indicating household deleveraging might be drawing to a close.
• Because of sequestration spending reductions, expect the unemployment rate in 2013 to average about 7.8 percent, essentially flat for the year or about 0.25 percentage points higher than it otherwise would have been.
• Regardless, the housing wealth effect is taking hold in the broader market which should translate into the healthiest spring home buying season since 2007.

“History shows us not all economic recoveries are created equal and consumer confidence mirrors this fact,” says Frank Nothaft, Freddie Mac vice president and chief economist.

“With the spring home buying season upon us, the recent highs in the stock market are a welcome signal of better times ahead. But it will be the gradually declining unemployment rate and steadily improving housing market that will deliver broad-based economic benefits for Americans and, in turn, support the overall recovery.”

For more information, visit www.FreddieMac.com.

The Serena Group ~ Keller Williams Realty of Manatee

is here for you! 

Contact Us Today!

call for help buying or selling a bradenton, sarasota, manatee county, sarasota county home

September 9, 2012

Mortgage Rates Change Little, Remain Near Record Lows – September 2012

mortgage news, freddie mac
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates declining or remaining the same from the previous week amid mixed economic data, and continuing to hover around their all-time record lows.

The 30-year fixed-rate mortgage (FRM) averaged 3.55 percent with an average 0.7 point for the week ending September 6, 2012, down from last week when it averaged 3.59 percent. Last year at this time, the 30-year FRM averaged 4.12 percent.

Additionally, the 15-year FRM this week averaged 2.86 percent with an average 0.6 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.33 percent.

Results showed that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75 percent this week with an average 0.7 point, down from last week when it averaged 2.78 percent. A year ago, the 5-year ARM averaged 2.96 percent.

The 1-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.4 point, down from last week when it averaged 2.63 percent. At this time last year, the 1-year ARM averaged 2.84 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

“Mortgage rates were little changed over the holiday week amid mixed economic data releases,” says Frank Nothaft, vice president and chief economist, Freddie Mac.

“Although consumer spending rose 0.4 percent in July, representing the largest gain in five months, the core price index was unchanged suggesting little threat of inflation. Consumer confidence picked up slightly in August according to the University of Michigan, but remained below this year’s peak in May. And the manufacturing industry contracted for the third consecutive month in August.”

For more information, visit www.FreddieMac.com.

The Serena Group ~ Keller Williams Realty of Manatee

is here for you!  Contact Us Today!

Blog at WordPress.com.