Once Again All Rates But 1-Year ARM Hit Yet Another Record Low
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.58 percent with an average 0.7 point for the week ending July 1, 2010, down from last week when it averaged 4.69 percent. Last year at this time, the 30-year FRM averaged 5.32 percent.
The 15-year FRM this week averaged 4.04 percent with an average 0.7 point, down from last week when it averaged 4.13 percent. A year ago at this time, the 15-year FRM averaged 4.77 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.79 percent this week, with an average 0.7 point, down from last week when it averaged 3.84 percent. A year ago, the 5-year ARM averaged 4.88 percent.
The 1-year Treasury-indexed ARM averaged 3.80 percent this week with an average 0.7 point, up from last week when it averaged 3.77 percent. At this time last year, the 1-year ARM averaged 4.94 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"Interest rates on fixed-rate mortgages and the 5-year hybrid ARM fell once again to all-time record lows this week in a period where the economy struggles to gain momentum and inflation remains very low," said Frank Nothaft, Freddie Mac vice president and chief economist. "Growth estimates for first quarter GDP were revised down by a half percentage point over the past two months to 2.7 percent, according to the Bureau of Economic Analysis. Annual inflation, as measured by the 12-month change in the core CPI, held at 0.9 percent in April and May, which is the slowest pace in over 44 years, as reported by the Bureau of Labor Statistics .
"Meanwhile, house prices are improving due in part to the homebuyer tax credit. The S&P/Case-Shiller® 20-city home price index grew 0.4 percent between March and April and was up 3.9 percent from April 2009, representing the largest annual gain since October 2006. Moreover, 17 of the metropolitan areas experienced monthly gains in April, compared to 10 in March and six in February."
Having lived, attended schools, worked and raised a family in Santa Barbara, Don has a unique and in depth knowledge of Santa Barbara County. He has been a top producer for over 26 years in his association with Coldwell Banker and their predecessors. Don specializes in neighborhoods such as the Upper Westside of Santa Barbara, the lavish Bel Air Knolls, and Cold Springs in Montecito. With an in depth knowledge of these neighborhoods and their buying/selling history, he is better capable of getting your house on the market, getting it noticed, and getting it sold effectively. His experience in Santa Barbara will lead you to find that house that best suits your needs.
Don was raised in Santa Barbara. In his youth he played football in high school and college. Don and his wife Holly have been married for over 40 years and have three adult children, two sons and a married daughter. They are proud Grandparents of four young children. Don's idea of a fun vacation is backpacking in the wilderness with his extended family. Don's first love is his family followed by tennis and the wonderful and inspiring escape to nature during vacation.
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