Aloha & Good Morning!
Today Maui will be warm with a chance of scattered showers!
There was positive news posted on the Real Estate Sales Maui website regarding the August Round Up report. This report gives the results of Freddie Mac’s Primary Mortgage Market Survey, which is an average of fixed mortgage rates. These rates stayed mainly unchanged for the month of August.
- 30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.5 point for the week ending August 28, 2014, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.51 percent.
- 15-year FRM this week averaged 3.25 percent with an average 0.6 point, up from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 3.54 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. A year ago, the 5-year ARM averaged 3.24 percent.
- 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.5 point, up from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.64 percent.
According to Fank Nothaft, vice president and chief economist, Freddie Mac.”Mortgage rates were little changed following mixed housing news. Existing home sales rose for the fourth consecutive month to an annualized pace of 5.15 million, the highest of the year. On the other hand, new home sales fell for the third consecutive month to an annualized rate of 412,000 units. Also, the S&P/Case-Shiller national home price index confirmed the slowing in national house-price appreciation that has occurred in other metrics, with the seasonally-adjusted national index down 0.1 percent in June but on a year-over-year basis up a solid 6.2 percent.”
Written by Realty Times Staff
Today a new article was posted regarding a new low in the days to close a loan. According to the mortgage industry service provider, Ellie Mae, both closing times and credit requirements have dropped. The current average number of days to close a loan was 41 days in June. In July the number of days dropped to 37 days. This article also reports that the average FICO score fell one point to 727 in July and that 32 percent of closed loans had an average FICO score under 700 in July. This is compared to 25 percent just one year ago. You can read the full article on the Real Estate Sales Maui website by using the link below.
Contact me today to start your journey towards buying or selling Maui property. The market is hot and so many of my clients are getting exactly what they want right now. Don’t let this great time of opportunity pass you by. Call, text or email me!
Don't forget to get your name in for this year's exciting iPad giveaway!
Looking for more great articles, videos and advice? Check out the Real Estate Sales Maui Team on FACEBOOK, TWITTER, BLOGGER and PINTEREST
Looking for the current Bank Owned Foreclosures on Maui? Click HERE.
No comments:
Post a Comment