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The mortgage rates continued to remain low all the time since the housing market presented life signs and sent the probable buyers a message. The message was that if they want to purchase low, they will not be able to get anything better than the present rate. The buyers can opt for mortgage refinance if they find their existing mortgage rates too high.
As per the Bank rate national survey of large lenders, the yardstick 30-year fixed-rate mortgage was 3.97 percent which remained unaltered from the last week. The mortgages in the survey in the present week had an average total of origination points and 0.41 discounts. The mortgage index was 4.75 percent before a year and it was 0.49 percent before four weeks.
The low mortgage rates are not the main reason why the buyers wanted to purchase their own home. According to David Kuiper who is a mortgage planner at First Place Bank in Holland, Mich, the low rates made home ownership within their capacity and they are definitely helping out the first time home buyers. Kuiper has said that they are ultimately getting the messages that the mortgage rates are low all the time. They are hearing it from the people whom they know and also from the ones who have just purchased their homes.
The mortgage rate market is far from being recovered totally but the idea now is that the time to purchase is broadening even in the hard-hit markets like that of Florida. In the previous year, you can feel the mortgage market is getting back slowly but it is completely different at present. There is more hurry amongst the buyers. Rob Nunziata, the president of FBC Mortgage in Orlando, Fla has said that they are aware that this is the right time to find out the best deal.
Housing data liberated show that both the sales as well as the prices have recovered in the recent months. According to the Commerce Department, the selling of the homes has increased by 3.3 percent in the month of April. The sales rose to an adjusted rate of 343,000, up from a 332,000-unit rate in the month of March.
As per a quarterly report by the Federal Housing Finance Agency, the national price directory for the homes that were bought in the first quarter of the present year is up 0.5 percent in comparison with the first quarter of the last year. The agency gathers data on the homes that were bought with mortgages supported by Freddie Mac and Fannie Mae.
Another report that added to the mending on the whole in the housing market was that the quarterly earnings results by the homebuilder Toll Brothers discharged Wednesday. The luxury homes builder reported an income of $16.9 million for the second quarter of the year 2012. This compares to a loss of $20.8 million for the second quarter of the previous year.