September 30 2015

Home Mortgage Rates Fall Below 4%

The aftermath of financial economic news of China combined with the Federal Reserve and housing markets, leads to a 6 point drop in interest rates, making the average thirty-year mortgage rate only 3.98%. While interest rates had stayed relatively low during the first half of 2015, this marks the first time rates dipped below 4% since June.

According to the survey released by Freddie Mac, mortgage rates fell as followed:

•    15-year fixed loan rates, on average, rates are 3.17%, down 3.21% from last week and 3.25% from this time last year.
•    5-year Treasury-indexed adjustable loan rates are 2.95%, down 2.97% from last week and 3.01% from this time last year
•    1-year Treasury-indexed adjustable loan rates are 2.52% down 2.54% from last week and 2.38% from this time last year.

Since the housing bubble burst in 2007, rates have been at historic lows, however rarely dropped below 5% until 2009. The reason for this low rate is simple; it’s the combination of the Federal Reserve’s undefended interest rate plan, China’s volatile stock market and fall in home prices by 0.7% that negatively affected the housing market.

So how long with these 2015 record low interest rates last? The Federal Reserve plans to increase rates once they see an improvement in the economy, especially in the labor market. As of right now, 30-year mortgage rates remain in the balance with their associated Treasury bond rates and monetary policy. One thing for sure, now is the time to buy before rates go up. To search for new homes in your area, visit www.newhomesdirectory.com.


September 11 2015

Homes On-Demand

Homes On-Demand

In the present age of smart phones and tablets, the world is at our finger tips. We have become accustom to on-demand service from everything from ordering food delivery to even car shopping. While the conveyance and speed of mobile-powered communication is making everything faster, a number of software companies are finding ways to incorporate the real estate industry into an on-demand service.

Apps, such as Avenue, a text based “real estate concierge “company,  are allowing homebuyers to get real time answers by realtors and experts in their area. Homebuyers can now have the tools they need to make a smart real estate transaction at the tips of their fingers. The best part is, users don’t need to commit or sign a contract with the realtor they are soliciting advice from.

AgentPair and Curb Call allow buyers to place a call to local agents when wanting to see a home for sale, again with no contract needed.

Can such tools be used in new construction? What about an app that allows a home buyer to explore a community for the comfort of their home?  How about a 3D walk through of the model home that allows a buyer to view all available upgrades? Or an app that allows home buyers to schedule model home tours and live chats with sales representatives? Maybe, should I dare say it, even the ability to use your smart phone to buy a home on-demand?

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