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Mortgage Rates Fall But Stay Above 5%

McLEAN, Va. – Rates for long-term mortgages dropped this week but still remained above 5 percent, mortgage financier Freddie Mac said Thursday.

The average rate on a 30-year fixed-rate mortgage was 5.07 percent this week, down from 5.21 percent a week earlier, a survey by Freddie Mac said. Last week's average rate for a 30-year fixed mortgage had been the highest since mid-August, when it was 5.29 percent.

Rates had dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve to reduce borrowing costs for consumers. The program ended at the end of March, but the Fed left the door open to reviving the program if the economy weakens.

"After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low," said Frank Nothaft, Freddie Mac's chief economist.

This week, the average rate on a 15-year fixed-rate mortgage was 4.4 percent, down from 4.52 percent last week.

Rates on five-year, adjustable-rate mortgages averaged 4.08 percent, down from 4.25 percent a week earlier. Rates on one-year, adjustable-rate mortgages dipped to 4.13 percent from 4.14 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.

The Associated Press

What is HAFA! FORECLOSURE isn't the only option!

15 days and couting

You need a home. You want to purchase a home. There is $8,000 that is currently available to you to help you puchase your home if you haven't owned a home in the last 3 years. However, you are seriously running short on time. You need to have your home under contract in 15 days. If you need to get help immediatley, do not hesitate to contact me today.

I have had a lot of first time homebuyers dragging their feet even though I have explained what a great opportunity this is for them. They may thing that I'm trying to put the hard sell on them. That could be further from the truth. If I was in their poisition, I would be jumping on this great deal! I had to buy my house with no tax credit. What a great way to make $8,000 right off the bat.

I have closed plenty of first time homebuyers that are enjoying their $8,000 tax credits. I credit them for seizing on a great opportunity.

Closing costs explained

Real estate update April 2010

This month in real estate February 2010

Keller Williams wins JD Power Award.

New home construction is still a good option!

I have sold many buyers new construction homes in and around the DFW area. New construction is a good option BUT!!!!

Do not go to the builder directly. Even when you purchase a new construction home, you need to have the professional represenatation of a realtor. I have negotiated tremendous savings for my buyers on new contruction purchases. I have also met with MANY families that needed to sell their new construction home but quickly learned that they overpaid going in. Call me today to find out more about builder incentives and deals that I can get you on your new construction purchase.

Market update January 2010

2319 North Ridge Road, McKinney, Texas

3700 Redwood Cirecle, Melissa Texas

2412 Kimberly Drive, Plano, Texas

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