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Category: Buying
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Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update highlights mortgage rates.
- Mortgage rates touched a new low last week, with Freddie Mac announcing a 3.91 percent average rate on a 30-year mortgage. The shorter term 1-year and 5-year ARMS also reached historic lows with average rates at 2.80 percent and 2.86 percent, respectively.
- The shorter-term rate may decline a little further if the Federal Reserve reaffirms its goal of keeping the fed funds rate at essentially zero for a longer period than 2013. But some of the voting members have carefully hinted that they will watch economic developments before making further pronouncements of ‘low rates for an extended period’.
- The longer-term rates are less directly determined by the Federal Reserve and are more influenced by global bond investors. So far, bond investors have been comfortable buying U.S. government debt as well as U.S. government-backed Fannie and Freddie securities. Generally the movements in the 10-year Treasury yield lead to corresponding changes to the 30-year fixed mortgage rate (because investors know that a vast number of 30-year mortgages do not last for 30 years but are refinanced or a person moves into a new home within 10 years).
- Today’s 10-year Treasury is at 1.98 percent, which is about the same as last week. Therefore, expect no meaningful changes to the 30-year fixed rate mortgage this week from last.
- Most economists are predicting the 10-year Treasury borrowing rate to rise and to reach 2.6 percent by the fourth quarter of this year and 3.3 percent by the fourth quarter of 2013. If this is realized then the 30-year mortgage rate will be about 4.5 percent by the end of this year and 5.2 percent by the end of 2013.
- Meanwhile, global bond investors continue to shy away from Greek government debt. The 10-year Greek government borrowing rate is not 2 percent (like the U.S. or Germany) or 5 percent (like Spain and Italy) or 10 percent (like many developing countries), but 29 percent. As a result Greece is now evidently willing to go to the global pawn shop. That is, it will now borrow money by putting up some of Greek land and islands as collateral. That is the price of continually overspending money the country does not have.
http://economistsoutlook.blogs.realtor.org/2012/01/09/mortgage-rates-2/
On January 9, 2012, in Daily Economic Updates, by Lawrence Yun, Chief Economist
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It’s been a mild winter throughout most of the country so far. That means we still have time to run through a foul-weather checklist. Here are 10 “must do’s” to have a warm, cozy and safe winter.
1. Check attic insulation. A foot of blown-in or batt insulation (R-38) in the attic reduces heat transfer from heated interior space to the great outdoors. This is a do-it-yourself job. If your attic is not insulated, blow in or roll out 12 inches of loose or batt insulation. If the amount of insulation is less than 12 inches, simply roll out unfaced fiberglass batts over the existing insulation to create a heavier thermal blanket. This is a case where more is better. Make sure to leave soffit vents unobstructed.
2. Install or replace weatherstripping, if necessary. Check the rubber threshold gasket at the bottom of exterior doors and replace if worn or torn. Next, make sure the top and sides of the door are weatherstripped and fit tightly. If there are gaps, replace the weatherstripping.
3. Check exterior doors and windows for gaps. Modern windows are probably OK, but older windows may need some help. To reduce air leakage, casement windows might need some weatherstripping at the joint where fixed and movable panes meet. Old double-hung wood windows are notorious air leakers. Place pieces of narrow self-adhesive rubber weatherstripping on the bottom sides and at the joint where the top and bottom panes meet.
4. Check the outside of doors and windows for voids, and caulk any gaps you see.
5. Change the filter in the heater. In older furnaces, filters should be changed monthly. Change or service newer, more efficient filters according to the manufacturer’s instructions.
6. Replace your old thermostat with a new programmable model. This allows you to regulate the heater to warm the house when you’re there and to reduce the temperature when you are at work or asleep.
7. Have your heater inspected by a licensed heating and air conditioning contractor. An inspection ensures that the heater is operating safely and efficiently. In many cases an inspection can alert you as to whether the unit is at the end of its life. It’s nice to have the option to replace an old heater before it quits and becomes an emergency on a cold January day.
8. Check the carbon monoxide (CO) detector. If you don’t have one, get one. Carbon monoxide is an odorless and colorless gas that kills. An operating CO detector can prevent a tragedy. While you’re at it, check the smoke detectors to ensure they’re operable.
9. Clean gutters and downspouts so fallen leaves won’t clog them. Make sure that downspouts discharge away from the foundation and that soil is graded away from the foundation and at least 6 inches below the siding.
10. Clean the fireplace of ashes; visually check the chimney for loose or missing mortar. Also consider having the chimney professionally inspected and swept by a licensed and bonded chimney sweep.
BY BILL AND KEVIN BURNETT, WEDNESDAY, JANUARY 4, 2012.
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DAILY REAL ESTATE NEWS |
When it comes to remodeling, exterior replacement projects have routinely rewarded home owners with more bang for their buck. This year is no different: REALTORS® recently rated many exterior improvements as among the most valuable home investment projects as part of the 2011-12 Remodeling Cost vs. Value Report.
“This year’s Remodeling Cost vs. Value Report shows the value of putting your home’s best façade forward, so to speak,” said National Association of REALTORS® President Moe Veissi. “Inexpensive exterior replacement projects are not only crucial to a home’s regular upkeep, but are also expected to recoup close to 70 percent of costs. Specific exterior projects such as siding, window and door replacements are part of regular home maintenance, so many homeowners are already undertaking them. These projects also do not require expensive materials and they have the added bonus of instantly adding curb appeal.”
HouseLogic.com, NAR’s consumer Web site, includes dozens of remodeling projects, from kitchens and baths to siding replacements, which indicate the recouped value of the project based on a national average. According to the Cost vs. Value, seven of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects. REALTORS® judged an upscale fiber-cement siding replacement as the project expected to return the most money, with an estimated 78 percent of costs recouped upon resale.
Two additional siding replacement projects were in the top 10, including foam-backed vinyl siding, expected to return 69.6 percent of costs, and upscale vinyl siding, expected to recoup 69.5 percent of costs. Three door replacements were also among the top exterior replacement projects. The steel entry door replacement is the least expensive project in the report, costing little more than $1,200 on average and expected to recoup 73 percent of costs.
The upscale garage door replacement jumped seven spots to number six this year, primarily due to the average cost of the project declining more than 15 percent nationally. The upscale and midrange garage door replacement projects are expected to return more than 71 percent of costs. One window replacement project — upscale vinyl — rounded out the last exterior replacement project in the top 10, expected to recoup 69.1 percent of costs.
The 2011-12 Remodeling Cost vs. Value Report compares construction costs with resale values for 35 midrange and upscale remodeling projects comprising additions, remodels, and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 14th consecutive year that the report, which is produced by Remodeling magazine publisher Hanley Wood LLC, was completed in cooperation with NAR.
Source: NAR
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DAILY REAL ESTATE NEWS | FRIDAY, DECEMBER 16, 2011
Fixed mortgage rates dropped even more this week, continuing the trend in reaching new record lows this year, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 3.94 percent this week while 15-year rates sank to 3.21 percent — both all-time lows from their previous record lows set on Oct. 6. The 5-year adjustable-rate mortgage also set a new record this week.
The Federal Reserve at a meeting this week reaffirmed its commitment from this summer that it would keep interest rates low for the next two years.
Here’s a closer look at rates for the week ending Dec. 15.
- 30-year fixed-rate mortgages: averaged 3.94 percent — a new record low — with an average 0.8 point, dropping from last week’s 3.99 percent average. A year ago, 30-year rates averaged 4.83 percent.
- 15-year fixed-rate mortgages: averaged 3.21 percent — also a new record low — with an average 0.8 points, a drop from last week’s 3.27 percent average. Last year at this time, 15-year rates averaged 4.17 percent.
- 5-year adjustable-rate mortgages: averaged 2.86 percent this week, with an average 0.6 point, dropping from last week’s 2.93 percent average. Last year at this time, 5-year ARMs averaged 3.77 percent.
- 1-year ARMs: averaged 2.81 percent with an average 0.6 point, inching up slightly from last week’s 2.80 percent average. Last year at this time, 1-year ARMs averaged 3.35 percent.
Source: Freddie Mac
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