Cypress, Tx New Homes

Fixed mortgage rates have decreased to historic new lows for a fourth consecutive week and are likely to fall further.

The average on a 30-year fixed mortgage slipped to 4.01 percent this week, according to Freddie Mac.

That’s the lowest rate since the mortgage buyer started keeping records in 1971.

1951 was the last time long-term rates were lower, when most long-term home loans lasted 20 or 25 years.

The average on a 15-year fixed mortgage decreased to 3.28 percent.

According to economists, that’s the lowest rate ever for the loan.

Mortgage rates have a tendancy to track the yield on the 10-year Treasury note.

This week, the 10-year yield has increased to around 2 percent.

Rates on mortgages may drop further after the Federal Reserve announced last week that it would take further action to try to lower long-term rates.

Source: builderonline.com

Retailer Harold’s in the Heights in Houston, Tx has been called a "modern landmark."

Harolds in the Heights building has been sold.

The Wiesenthal family sold the 13,600-square-foot building last week to a partnership led by Braun Enterprises, a Houston-based real estate development and management company.

According to Dan Braun, president of Braun Enterprises, there is much interest from potential tenants, including banks, restaurants and other retailers.

Braun stated, “We’re really excited about this project and very bullish on the Heights. The neighborhood is only going to get stronger.”

In the Houston Architectural Guide, historian Stephen Fox describes Harold’s as “West 19th’s outstanding modern landmark.”

The amount Harold’s was purchased for was not disclosed.

Jason Baker, a principal at Baker Katz, represented the Wiesenthal family, while Braun represented the partnership acquiring the property.

Source: chron.com

Houston, Tx home sales were increasing last month.

According to a monthly report from the Houston Association of Realtors, single-family sales jumped 30.2 percent compared to the same month last year.

August marked the third consecutive month of increased sales with 5,543 transactions.

All segments of this area’s housing market, from less than $80,000 to the $500,000 and above price range, experienced a sales increase in August.

Sales are up 1.8 percent on a year-to-date basis.

Carlos Bujosa, the association’s chairman, stated “The Houston real estate market’s vital signs appear to be quite healthy as we move from the summer buying season into the fall, but we must remain mindful that we are still comparing 2011 home sales to that period last year when transactions slowed dramatically after the tax credit expired."

In August, foreclosure property sales grew 26.2 percent compared to 2010, suggesting added interest in investment-related home buying.

Foreclosures were made up of 19.8 percent of all property sales, which is consistent with the levels it has maintained since May.

Last month, the median price of foreclosures decreased 5.4 percent to $80,375 on a year-over-year basis.

Another overall increase is probable next month, as pending sales for at the end of August totaled 3,970, which is an increase of 21 percent from last year.

The amount of available properties, or active listings, at the end of August fell 11.5 percent from August 2010 to 48,752.

Source: chron.com

This week, fixed mortgage rates dropped to the lowest levels in several decades.

The average rate for the 30-year fixed mortgage decreased to 4.12 percent, which is down from 4.22 percent, according to Freddie Mac.

Dating back to 1971, it’s the lowest level on records.

According to Freddie Mac, the last time rates were cheaper was 1951, when most long-term home loans lasted 20 or 25 years.

The average rate on a 15-year fixed mortgage slipped to 3.33 percent from 3.39 percent.

According to economists, that’s the lowest on records dating to 1991 and possibly the lowest ever.

Mortgage rates have a tendancy to track the yield on the 10-year Treasury note, which dropped to an all-time low this week.

Source: builderonline.com

According to HSH.com, its latest Weekly Mortgage Rate Radar showing no change in mortgage rates from the previous week’s record lows.

The Weekly Mortgage Rate Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage.

Average rates barely increased during the week ending August 30.

According to HSH.com’s Weekly Mortgage Rate Radar, rates on the most popular types of mortgages held at record-low levels.

The average rate for conforming 30-year fixed-rate mortgages grew by a single basis point (0.01 percent) to 4.32 percent.

Also, conforming 5/1 hybrid ARM rates increased by one basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.12 percent.

Keith Gumbinger, vice president of HSH.com, stated “The turbulent markets we experienced in August have settled somewhat, and mortgage rates are reflecting that change from crisis to calm. This settling means that homeowners and potential buyers have had time to act. However, incoming economic data and possible action next month by the Federal Reserve might disrupt the quiet, and potential borrowers should take advantage of settled conditions while they can.”

Source: yahoo.com

A new study stated that Texas ranked sixth in the country for corporate relocations in 2010.

According to the Atlas Van Lines Migration Patterns Study, which tracks corporate transfers, for the past 10 years, more people have moved into Texas for jobs than have moved out.

Inbound relocations to the state increased six percent in 2010.

Texas recorded 7,248 “move-in’s” in 2010, compared to just 5,322 “move-outs,” meaning that almost 58 percent of total corporate relocation activity was inbound.

This marked the tenth straight year that Texas has achieved “inbound” status, meaning more workers are being transferred into the state than out.

Over the past 10 years, Atlas stated that it has recorded almost 85,000 inbound moves to Texas, again, making it among the strongest states in the nation.

Source: chron.com

Will rates iincrease or remain unchanged?

Bankrate analysts and experts predict where mortgage rates are headed over the next week.

This week (August 4-August 10), 25 percent of the panelists believe mortgage rates will increase over the next week or so.

31 percent think rates will drop, and 44 percent believe rates will remain unchanged (plus or minus 2 basis points.

Source: bankrate.com

Negotiate on repairs and upkeep:

Contractors, still facing a slumping real estate market, will reach a deal to get your business. In a May survey by consumer review website Angie’s List, 81% of contractors stated that they’d negotiate labor costs, which is more than a quarter that stated they’d lower prices by over 10%. Service providers like landscapers and house cleaners are cutting rates as well.

Save by getting multiple price quotes. You’ll may have the most bargaining power if you can be open about the timing of your project. If a builder is resistant to drop their price, see whether they’ll upgrade you to higher-end fixtures, according to Steve Gonzalez, author of "Before You Hire a Contractor: A Construction Guidebook for Consumers."

Trim the cost of borrowing:

The average rate on a 30-year mortgage was 4.7% in May, which is a decrease from 5.1% in February. It’s expected to reach 5.8% next year, according to the Mortgage Bankers Association. Some borrowers may pay more even sooner when jumbo loan limits end this fall.

The recent rate dip has revealed another refinancing window. In order to save on closing costs, request a good-faith estimate before you apply. You may negotiate any fees the lender charges. You’ll have room on adjustable-rate and jumbo mortgages.

Get a deal on furniture:

Materials costs and higher shipping are increasing furniture prices, states Kimberly Causey, author of "The Furniture Factory Outlet Guide."

When sales slow in the summer, several mom-and-pop shops may make deals to move inventory, according to Causey. Ask for 20% off, and be sure not to settle for less than 10%. Gently used floor models may go for 25% off. Be sure to sign up for e-mails from furniture shopping sites like OneKingsLane.com and Decorati.com, where a $2,970 Noir brand sofa recently sold for $1,499.

Source: cnn.com

Last week, fixed mortgage rates dropped, and the rate on the 15-year loan slipped to its lowest point of the year.

The average rate on the 30-year loan fell to 4.51 percent from 4.6 percent a week ago, according to Freddie Mac.

It hit its yearly low a month ago, at 4.49 percent.

The average rate on the 15-year fixed mortgage decreased to 3.65 percent from 3.75 percent.

3.67 percent was its previous low this year, which was reached three weeks ago.

Typically, rates track the yield on the 10-year Treasury note.

In order to calculate average mortgage rates, Freddie Mac collects rates from lenders across the U.S. on Monday through Wednesday of each week.

Even within a day, rates often fluctuate significantly.

The average rate on a five-year adjustable-rate mortgage decreased to 3.29 percent from 3.30 percent last week.

Two weeks ago, it reached 3.25 percent, which is its lowest level on records dating back to 2005.

The average rate on the one-year adjustable loan dropped to 2.95 percent from 3.01 percent.

The rates do not include points, also known as extra fees.

1 percent of the total loan amount is equal to one point.

Source: journalgazette.net

Mortgage rates grew this week, with the 30-year fixed-rate mortgage reaching an average 4.6%, according to Freddie Mac’s latest survey.

Rates on 15-year fixed-rate mortgages also jumped for the week ending July 7, averaging 3.75%, which is up from 3.69% last week.

A year ago, the mortgage averaged 4.07%.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.3%, which is up from 3.22% last week.

A year ago, the mortgage averaged 3.75%.

1-year Treasury-indexed ARMs averaged 3.01%, which is up from 2.97% last week but down from 3.75% a year ago.

In order to obtain the rates, the fixed-rate mortgages required payment of an average 0.7 point, while the ARMs required an average 0.6 point.

Charged as prepaid interest, a point is 1% of the mortgage amount.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated “Mortgage rates followed Treasury yields higher over the holiday week but remain quite affordable by historical standards."

He added, “For instance, interest rates on all mortgages outstanding in the first quarter of this year averaged just under 6%. With today’s rates, these homeowners who have the ability to refinance could shave $169 per month in interest payments on a $200,000, 30-year fixed mortgage."

Source: marketwatch.com