Six Percent, We Hardly Knew Ye
From the AP & Bankrate:
Weekly Home Mortgage Rates
Average mortgage rates for single-family homes in the 10 largest metropolitan areas as of Apr. 26 as compiled by bankrate.com. The rates are for 30-year, fixed-rate mortgages for 80 percent of the value of the house. A point is a one-time fee equaling one percent of mortgage.
Apr. 26 Prev. Wk
percent+points
Boston 6.61 + 0.28 6.59 + 0.21
Chicago 6.80 + 0.08 6.71 + 0.09
Dallas 6.66 + 0.48 6.56 + 0.53
Detroit 6.72 + 0.03 6.65 + 0.03
Houston 6.61 + 0.56 6.53 + 0.61
Los Angeles 6.69 + 0.53 6.63 + 0.53
New York 6.62 + 0.19 6.52 + 0.23
Philadelphia 6.50 + 0.65 6.44 + 0.64
San Francisco 6.72 + 0.28 6.63 + 0.33
DC Metro 6.51 + 0.72 6.44 + 0.91
National Avg 6.64 + 0.38 6.57 + 0.41
bankrate.com's national average for a 5-year adjustable mortgage, based on a 30-year loan for 80 percent of the value of a single-family house.
Apr. 26 Prev. Wk
percent+points
Average 6.31 +0.38 6.19 +0.39
We sure seem to be pushing through the sixes in rapid fashion. A few months back I thought there was a possibility of hitting 7% on a 30Y fixed come Winter. Now I'm thinking we might just hit 7% by Summer..
Caveat Emptor!
Grim
Weekly Home Mortgage Rates
Average mortgage rates for single-family homes in the 10 largest metropolitan areas as of Apr. 26 as compiled by bankrate.com. The rates are for 30-year, fixed-rate mortgages for 80 percent of the value of the house. A point is a one-time fee equaling one percent of mortgage.
Apr. 26 Prev. Wk
percent+points
Boston 6.61 + 0.28 6.59 + 0.21
Chicago 6.80 + 0.08 6.71 + 0.09
Dallas 6.66 + 0.48 6.56 + 0.53
Detroit 6.72 + 0.03 6.65 + 0.03
Houston 6.61 + 0.56 6.53 + 0.61
Los Angeles 6.69 + 0.53 6.63 + 0.53
New York 6.62 + 0.19 6.52 + 0.23
Philadelphia 6.50 + 0.65 6.44 + 0.64
San Francisco 6.72 + 0.28 6.63 + 0.33
DC Metro 6.51 + 0.72 6.44 + 0.91
National Avg 6.64 + 0.38 6.57 + 0.41
bankrate.com's national average for a 5-year adjustable mortgage, based on a 30-year loan for 80 percent of the value of a single-family house.
Apr. 26 Prev. Wk
percent+points
Average 6.31 +0.38 6.19 +0.39
We sure seem to be pushing through the sixes in rapid fashion. A few months back I thought there was a possibility of hitting 7% on a 30Y fixed come Winter. Now I'm thinking we might just hit 7% by Summer..
Caveat Emptor!
Grim
6 Comments:
For you homebuilder watchers out there.. Centex (CTX) missed earnings by 19 cents. Orders down 11%.
For the Westchester crew.
Another Moderate Increase, And Agents' Group Says Boom Is Over
The median selling price of a house in Westchester this winter was $650,000, up just 5.7 percent over a year, a real estate agents' group announced Wednesday.
It was the sixth consecutive quarter of single-digit increases, and the Westchester-Putnam Multiple Listing Service proclaimed that after eight years, "The boom is over."
"Our area has made a relatively gentle descent to a more sustainable level of sales volume and price increases," the group said in its report on first-quarter sales. The number of houses sold was down 14 percent from a year ago and the number of available houses was up by a third.
It said that for the rest of the year, "price increases probably will level off to a percentage point or two more than underlying inflation. ... In short, no more records for a while but no big trouble, either."
The record median price for Westchester was set last summer at $711,700. In the fall, the median price was $652,250. Prices are typically highest in summer.
In Putnam County, the median price for a house was $375,000, down 8.5 percent from the year before, the group said. The Greater Hudson Valley Multiple Listing Service reported earlier this month that the median price of a Rockland County house was up 8.4 percent to $490,000.
If I'm reading this correctly:
Inventory up approximately 30%
Q1 Sales down 14%
Median Price:
Summer: $711,000
Fall: $652,250
Winter: $650,000
Spring: ?
Housing Bust!
Inventory soaring
Mtg rates soaring
House prices Plunging!
Boooooyaaaaaaaa..
Bob
And here it comes...
http://www.bankrate.com/brm/news/mortgages/20060427a1.asp
the 50 year mortgage!
Bairen,
That's pretty dang funny...and true.
Thanks for the laugh.
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