Homes are selling in Virginia Beach and neighboring communities! Yes, the market has slowed, but people are still buying too! Seller’s need to be realistic and make sure their homes are up to par prior to putting them on the market because of the number of homes on the market. Buyers are looking at everything and will not come back for a 2nd look unless it shows well intially. Curb appeal is a necessity just to get the buyer in the door. Experienced agents coach home owners on items that need to be addressed prior to putting the home on the market. Some of my clients ask me do I have to do that, and I ask them do you want to live in your home or sell your home! If you are looking for an aggressive agent to work on your behalf whether you are buying or selling a home, give me a call.
February 7th, 2008 at 11:46 am
Here is the latest update from Fannie Mae:
Mortgage rates were flat this week, following a disappointing service sector report, Freddie Mac said Thursday.
The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 5.67% for the week ending Thursday, down from 5.68% last week, and still well below rates at this time last year Freddie Mac noted.
At this time last year, the 30-year fixed-rate mortgage averaged 6.28%, Freddie Mac said.
“Economic news released in the past week showed that the economy continues to be weak,” said Freddie Mac (FRE, Fortune 500) vice president and chief economist Frank Nothaft in statement Thursday.
Nothaft said that the unexpected loss of 17,000 jobs in January coupled with the negative growth in the service sector, reported by the Institute for Supply Management, contributed to the slight dip in rates.
Freddie Mac said 15-year fixed-rate loans averaged 5.15%, down from 5.17% last week. A year ago, the 15-year rate averaged 6.02%.
Rates on five-year adjustable-rate mortgages (ARMs) averaged 5.21%, down from 5.32% last week. The 5-year rate averaged 5.99% at this time last year.
One-year Treasury-indexed ARMs averaged 5.03%, down from 5.05% last week. At this time a year ago, the 1-year ARM averaged 5.49%.
Interest rates are up an eighth today on the bond auction, but it appears the overall forecast (today anyway) is that interest rates will continue to slide.
Michael C. Miller
Vice President / Mortgage Lending
TOWNEBANK MORTGAGE
(757) 687-5000 office
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