Mortgage Rates Edge Higher Entering 2014

Courtesy of REALTOR®mag
Daily Real Estate News | Friday, January 03, 2014

Fixed mortgage rates continued an upward climb this week, with the 30-year fixed-rate mortgage starting the year more than a full percentage point higher than last year at this time, Freddie Mac reports in its weekly mortgage survey. 

"Mortgage rates edged up to begin the year on signs of a stronger economic recovery,” says Frank Nothaft, Freddie Mac’s chief economist.
 
Freddie Mac reports the following national averages for mortgage rates for the week ending Jan. 2: 

• 30-year fixed-rate mortgages: averaged 4.53 percent, with an average 0.8 point, up from last week’s 4.48 percent average. Last year at this time, 30-year rates averaged 3.34 percent. 
• 15-year fixed-rate mortgages: averaged 3.55 percent, with an average 0.7 point, rising from last week’s 3.52 percent average. A year ago, 15-year rates averaged 2.64 percent. 
• 5-year hybrid adjustable rate mortgages: averaged 3.05 percent, with an average 0.4 point, rising from last week’s 3 percent average. Last year at this time, 5-year ARMs averaged 2.71 percent. 
• 1-year ARMs: averaged 2.56 percent, with an average 0.5 point, holding the same average as last week. A year ago, 1-year ARMs averaged 2.57 percent. 

Source: Freddie Mac

3 Bold Predictions for the Phoenix Real Estate Sector in 2014

Phoenix Business Journal

Article by Kristena Hansen

Dec 26, 2013, 8:33am MST  (Updated: Dec 30, 2013)

What can we expect in the Phoenix real estate sector in 2014? 

"Experts say the housing market should see less dramatic price gains, higher interest rates and dissipating interest from Wall Street investors. Meanwhile in the commercial sector, a we’re likely a few years away from a healthy recovery. Here’s a closer look at what to expect in 2014..."

• Prediction No. 1: The housing market keeps recovering, but at a slower rate.
•  
• Prediction No. 2: Wall Street’s home-buying binge passes
•  
• Prediction No. 3: Construction industry still struggling 

 Click for HERE the entire article.   

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The Cromford Report - December 2013
Courtesy of Fidelity National Title Agency      
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Wishing You and Yours a Very Happy Thanksgiving

 
As you are surrounded by friends and family today and as you think about those who may be separated by distance or circumstance, may you find peace and joy in the beauty and blessings of your life.

From my family to yours, best wishes for a wonderful Thanksgiving.
 

Fondest regards,

Pook 

As has become my personal tradition each year, I share the words of Abigail Van Buren (Dear Abby)...

O, heavenly Father: We thank thee for food and remember the hungry. We thank thee for health and remember the sick. We thank thee for friends and remember the friendless. We thank thee for freedom and remember the enslaved. May these remembrances stir us to service, that thy gifts to us may be used for others.

Posted by Pook at 4:38 PM

Buying a Home? Consider COST not just Price

Courtesy of  The KCM Blog

November 18, 2013  

We have often talked about the difference between COST and PRICE. As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As a buyer, you must be concerned not about price but instead about the ‘long term cost’ of the home. Let us explain.
Last month, the Mortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Mac all projected that mortgage interest rates will increase by about one full percentage over the next twelve months. We also know that many experts are calling for home prices to also increase over the next year.

What Does This Mean to a Buyer?

Here is a simple demonstration of what impact an interest rate increase would have on the mortgage payment of a home selling for approximately $250,000 even if home prices don’t increase:

Veterans Day 2013

Veterans Day is celebrated on November 11th, the anniversary of the signing of the Armistice that ended World War I.  The main hostilities of WWI were properly finished at the 11th hour of the 11th day of the 11th month of 1918, with Germany signing the Armistice.

 

Heartfelt thanks go out to the men and women who have served in our armed forces, protecting our nation, and preserving the freedoms we cherish. 

Happy 238th Birthday to the United State Marine Corps

As in years past, it is my honor to share the annual birthday tribute to the United States Marine Corps presented by Bob Parsons, Executive Chairman and Founder of Go Daddy.  Please click HERE to view this 238th birthday presentation.   

In addition to the annual birthday tribute, GoDaddy is partnering with the Semper Fi Fund and  America's Fund to raise money to help critically ill and injured members of all of the United States Armed Forces and their families.  The Bob and Renee Parsons Foundation and GoDaddy.com will match up to $1 million in donations.

The Injured Marine Semper Fi Fund and the America's Fund provide financial support for injured and critically ill members of the U.S. Armed Forces and their families during times of hospitalization and recovery, as well as assistance for those with ongoing medical needs.  

You have the power to make a difference.  Click HERE to help GoDaddy help those heroes who've given so much for our freedom. 

With love and thanks to my husband and his beloved Marine Corps brothers for their dedication and service, and with heartfelt thanks to all who have served or are currently serving.  Semper Fi!