Should I Pay a Mortgage Interest Rate over 4%?

Should I Pay a Mortgage Interest Rate over 4%? | Keeping Current Matters

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Along with Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors are all calling for mortgage rates to continue to rise over the next four quarters.

This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades.

Historic Mortgage Rates By Decade | Keeping Current Matters

Bottom Line

Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago; a lower rate than your parents did twenty years ago and a better rate than your grandparents did forty years ago.

Speak to a Mortgage Professional, today!

Original article published at www.KeepingCurrentMatters.com

Short Sales: Are the Numbers Beginning to Slide?

Selling Real Estate in Virginia Beach | Beach South Realty

Short Sales: Are the Number Beginning to Slide?

 

RealtyTrac recently released their Q1 2013 U.S. Foreclosure & Short Sales Report™. One of the more interesting revelations in the report was the decrease in the number of short sales being completed. According to the report, properties not in foreclosure that sold as short sales in the first quarter accounted for an estimated 15% of all residential sales. This is down 10% from the last quarter (4th quarter of 2012) and down 35% from the first quarter of 2012.

Daren Blomquist, vice president at RealtyTrac, was also surprised:

“We expected foreclosure-related sales to be lower given the downward trend in new foreclosure activity nationwide over the past two and a half years, but the decrease in non-foreclosure short sales was a bit of a surprise given the 11 million homeowners nationwide still underwater.”

Certain Markets Still Heavily Impacted

Though the national numbers of short sales are down, there are still some markets that are impacted by this category. Here are the states with the highest percentages of short sales:

  • Rhode Island (44%)
  • Connecticut (42%)
  • Massachusetts (40%)
  • Nevada (29%)
  • Florida (26%)
  • Ohio (24%)

Here are the major markets with the highest percentages of short sales:

  • Boston (38%)
  • Cleveland (33%)
  • Memphis (32%)
  • Las Vegas (32%)
  • Detroit (30%)

Why the Decrease in Short Sales?

Yet, the overall decrease wasn’t anticipated. Blomquist explains why this may have taken place:

“Rising home prices in many markets are stunting the continued growth of short sales by reducing incentive for both underwater homeowners and lenders. Underwater homeowners may be willing to stick it out a few more months or even years in the hope that they will be able to walk away with money at the closing table and without a hit to their credit rating, and for lenders a failed short sale may no longer translate into bigger losses down the road given that average prices of bank-owned homes are rising — at a faster pace than non-distressed home prices in many markets.”

Short sales will remain a major segment of the real estate market as 15% is still a very significant number. However, the decrease is further evidence that the housing market is recovering.

What are you waiting for?  Real Estate specialist or Mortgage Lender about your Short Sale, right now!

Article originally published at http://keepingcurrentmatters.com/

Virginia Beach in Top 5 Best Places to Own a Home

Virginia Beach Homes for Sale

2015 American Music Festival at Virginia Beach Resort Oceanfront

 

VIRGINIA BEACH, Va. (WVEC) — Sandy beaches, beautiful sunsets and all the seafood you can eat.

Why wouldn’t Virginia Beach rank as one of the top ten places to own a home in America?

According to a new report from Porch, Virginia Beach ranks number 4.

Redfin real estate agents provided local insights for the top 10 cities that made the list.

The survey polled a sample of nearly 10,000 US homeowners across a variety of factors like; safety, climate, commute times, access to education, taxes, real estate trends and more to gauge homeowners’ sentiments about the cities and communities they live.

Virginia Beach rated highest in walkability and lowest commute. It was above average in educational opportunity, economic opportunity and real estate confidence.

Cities with similar rankings include Orlando, Washington and Detroit.

Are you moving to Virginia Beach?  Start your home search online today!

Original article published at www.13newsnow.com