MAY 20, 2013 by ge.admin
30 Year Up 0.07% & 15 Year Up 0.05%
WASHINGTON (AP) – May 10, 2013 – Average U.S. mortgage rates rose this week but remained near historic lows. Cheaper mortgages have encouraged more homebuying and refinancing.
Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year fixed mortgage edged up to 3.42 percent from 3.35 percent last week. That’s still near the average of 3.31 percent reached in November, the lowest on records dating to 1971.
The average on the 15-year fixed-rate loan rose to 2.61 percent from 2.56 percent last week, which was the lowest on records going back to 1991.
Low mortgage rates have buttressed the housing recovery that began last year. Home sales and construction are up from a year ago, and prices are rising in most U.S. markets.
A survey released Tuesday showed that U.S. home prices rose 10.5 percent in March compared with a year earlier, the biggest year-over-year gain since March 2006.
The survey from Core Logic, a real estate data provider, showed that year-over-year prices have risen for 13 straight months. Prices are rising in part because more buyers are bidding on a limited supply of homes for sale.
Prices rose in 46 states over the past year. Eleven states posted double-digit gains.
And excluding distressed sales, which comprise foreclosures and short sales, prices rose in every state. A short sale is when a home sells for less than what’s owed on the mortgage.
Sales are rising in some markets hit hardest by the housing bust in part because investors are scooping up homes in hopes of turning a profit.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year mortgages was 0.7 point, unchanged from last week. The fee for 15-year loans also held steady at 0.7 point.
The average rate on a one-year adjustable-rate mortgage fell to 2.53 percent from 2.56 percent last week. The fee for one-year adjustable-rate loans rose to 0.4 point from 0.3 point.
The average rate on a five-year adjustable-rate mortgage increased to 2.58 percent from 2.56 percent. The fee was unchanged at 0.5 point.
Copyright © 2013 The Associated Press, Marcy Gordon, AP business writer.
APRIL 2, 2013 by ge.admin
Florida’s Rising Consumer Confidence
A recent study at the University of Florida has shown that Florida’s consumer confidence is among the highest in the nation, rising from 73 points to 76 in March. This rise in confidence was uncanny and somewhat unexpected, according to Chris McCarty, UF’s director of Survey Survey Research in the Bureau of Economic and Business Research, since the confidence level for the rest of the United States fell by about six points due to the recent federal budget cuts.
Overall, Floridian consumers are more confident almost entirely across the board, as four out of five components represented in the survey went up from February. This confidence comes with good reason, as the state’s unemployment rate is significantly lower than that of the rest of the United States. This important factor has led many consumers to believe that now is the time to purchase such “big-ticket” items as automobiles and homes. The entirety of the survey can be found here, at the UF website: http://www.bebr.ufl.edu/cci.
The Effects on the Real Estate Market
With this increase in confidence, the Brevard County real estate market continues to expand and grow. One of the most important tools assisting homebuyers as they search for new real estate endeavors is the Brevard MLS. This extremely helpful tool enables the public to search for properties and discover a good deal of important, verified information. It also helps to distribute information amongst brokers and real estate agents, allowing them to assist their clients in finding their dream homes.
So, Florida’s rising confidence is a great step forward for Brevard County’s real estate market, making now a great time to look for a home. Brevard MLS is a great tool for connecting buyers with their dream homes.
MARCH 13, 2013 by ge.admin
The Brevard Multiple Listing Service (MLS) was established by Melbourne Area Association of Realtors® (MAAR) and Space Coast Association of Realtors® (SCAR) a decade ago. It was created to facilitate cooperation between area real estate broker participants and to enable the dissemination of listing information.
WHY HAVE IT
Prior to its existence, buyers were only shown homes a realtor personally knew were for sale. Realtors specialized in specific neighborhoods of the Space Coast as knowing the status of all properties was impossible. Neither buyers, sellers, nor realtors were best served by this system.
MLS contains hundreds of fields of information about the features of a property. These fields are determined by area professionals who are knowledgeable and experienced in Brevard County. Only subscribing members of MAAR & SCAR can populate the fields when entering a property. A person selling his/her own property (For Sale by Owner or FSBO) cannot put a listing for their home directly into an MLS. An MLS subscriber may search the MLS database and retrieve information about all homes for sale by all participating brokers.
The Brevard MLS database does allow the public to search for properties and view a limited number of fields. Public access is availabe athttp://www.brevardmls.com/brv/pubmain.php .
NEW TO BREVARD
If you are unfamiliar with Brevard County, using the brevardmls.comwebsite search tool has limitations. For example, a search for all Viera homes in 55+ communities would be difficult. Understanding the limitations, some local real estate companies have incorporated information on area communities and subdivisions with the Brevard MLS. This allows a searcher to easily become acquainted with all 55+ subdivisions in Viera as well as the homes currently available within each.
So, if you are investigating buying a home in Brevard County but unfamiliar with the area, consider using a realtor’s website to conduct your Brevard home search.