New Bedford, MA

New Bedford Condo 2 bedroom 1 and 1/2 baths featuring Central Air ! Full basement has laundry facilities. Includes stove dishwasher and refrig. Convenient location close to High School. Low condo fee. Not a short sale or Foreclosure. Rent to own option considered.- spacious 972 sq. ft. condo Townhouse style 2 floors plus basement Now MLS®$80,000 More photos & Virtual home tour at www.KarenMartinHomes.com Karen Martin call text 774.930.8181 email KarenMartin1@remax.net RE/Max Right Choice real estate

Home for Sale, New Bedford, MA 02740

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Mortgage Rate Forecast for September 1, 2010 - Improving, or...?

Here are some of the events affecting mortgage rates today:

What Mortgage Backed Securities (MBS) Are Doing Today:

• The price of the FNMA 30-Year 4.0% MBS coupon opened at 103.56 this morning - the same as yesterday's close.
  
  
• At 9:30 AM, the 4.0% MBS coupon was trading at 103.47 - down 3/32 from its opening.

Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage rates. I expect that mortgage rates will be up to 0.125 points worse in price this morning as compared to yesterday afternoon.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.0% coupon over the past 30 days from 8-2-2010 to 9-1-2010:

Economic Reports, News, and Events Affecting Mortgage Rates Today:

• Institute for Supply Management's (ISM) Manufacturing Index - the manufacturing sector increased in August with a reading of 56.3 in the overall index, up from 55.5 in July. However, the new orders component fell slightly 53.1, the lowest of the year while employment increased from 58.6 to 60.4. This indicates that there is an increased in general business activity such as production, employment, and inventories. A reading above 50 indicates manufacturing sector expansion rather than contraction. Even with the slowdown in new orders, this report indicates that the economic outlook is improving. This report led to higher pricing for mortgage rates this morning.
  
  
• Construction Spending Report - construction spending fell 1.0% in July - and is worse than expected. This follows a revised 0.8% decline in June. The plunge in home sales and the decrease in housing starts led to the decline. Year-to-year construction spending has declined 7.9%. This report had no impact on mortgage rates this morning.

In other news, the ADP Employment Report estimates that 10,000 jobs were lost in August, much worse than expected. Analysts were expecting an increase of up to 40,000 new jobs. In contrast, 42,000 private jobs were created in July. The ADP employment report provided payroll forecasts in advance of the Employment Situation report which will be released on Friday. This report had no impact on mortgage rates this morning.

Trend in Mortgage Rates:

The chart below shows the trend in mortgage rates over the past 10 years:

Mortgage Rate Forecast:

Mortgage rates are at their historic lows. They haven't been this low since the early 1950s. These low mortgage rates may be with us for some time - or they may not. Usually, mortgage rates go up during the summer months during the peak home buying season, then go down as the fall and winter seasons approach. But these are not "normal times." It's possible that mortgage rates will continue to slowly fall. However, as the last few weeks have shown, they could turn at any time.

If you're thinking about refinancing your mortgage and if these low mortgage rates make sense to you, then take advantage of them while you can. If you're happy with the mortgage rate being offered to you today and if you don't want to risk mortgage rates moving higher, then you should apply and lock in now. It's better to have locked when you should have floated than it is to float when you should have locked.

Are you in need of a mortgage to purchase a home? Or want to refinance an existing mortgage into a lower permanent fixed rate? Or want to take cash out of the equity of your home? Or consolidate debt and reduce the monthly bills? Then be sure to request a mortgage rate quote today!

The Trend in Home Sales in New Bedford MA - Improving, or...?

Home prices in New Bedford on average are falling - but just slightly - and appear to be stabilizing! Home prices have fallen 1.0% since July of 2009.

The current average listing price of homes for sale in New Bedford MA is $206,854, down just 1.1% from a month ago. Compare this to the current median sales price of $158,424 - where half of sales are above this amount and half below it.

2 and 3 bedroom homes are selling for less while prices of 4 bedroom homes are increasing. Prices of 2 bedroom homes are down 2.3% while prices of 3 bedroom homes are down 4.0% from year ago levels. However, 4 bedroom homes are up 16.3%. Below is a chart of the trend of median prices of homes for sale in New Bedford MA over the past 5 years through July 2010:

New Bedford Recently Sold Homes

The number of sales for all homes have been increasing over the past 2 years:

New Bedford Recently Sold Homes

So what does all this mean? Well, if you're looking for a 2 or 3 bedroom home in New Bedford, you can probably find a bargain as prices are down significantly the past couple of years. Still, lowball offers won't cut it in a market like this.

However, if you're looking for a 4 bedroom home, you better not mess around too much as sales and prices are overall are rising. Sellers aren't in control of the market either, so both buyers & sellers should be reasonable when negotiating.

You can still buy a home with no money down with a VA Loan. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. With a MassHousing loan, you can purchase a home with as little as 3.0% down. When you're ready to buy a home, find out how much house you can afford to buy in New Bedford or in the surrounding area.

Be sure to contact me, Lew Corcoran, toll free at 1-800-941-5616, when you're looking to get pre-approved for a purchase of your next home in New Bedford or in the surrounding area. Otherwise you may end up frustrated, disappointed and, unfortunately, perhaps misled.

 

Mortgage Rate Forecast for June 1, 2010

Here are some of the events affecting mortgage rates today:

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 102.00 this morning - the same as Friday's close.
  
  
• At 9:30 AM, the 4.5% MBS coupon was trading at 102.19 - up 6/32 from its opening.

Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and so do mortgage rates. I expect that mortgage rates will be up to 0.250 points better in price this morning as compared to Friday afternoon.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 5-2-2010 to 6-1-2010:

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• Institute for Supply Management's (ISM) Manufacturing Index - dropped in May to a reading of 59.7, about as expected. While down 0.7 points from April's reading of 60.4, this indicates there's solid growth in the manufacturing sector. Readings above 50 indicates manufacturing sector expansion rather than contraction. While the readings are encouraging, they had no impact on mortgage rates this morning.
  
  
• Construction Spending Report - construction spending was up 2.7% in April, much little better than expected. Analysts were expecting to see no change. This follows a revised 0.4% increase in March. Year-to-year construction spending has declined 10.5%. This report had no impact on mortgage rates this morning.

In other news, Spain's credit rating was reduced from AAA to AA+ on Friday. This will weigh on Spain's ability to maintain growth while reducing their debt.

Trend in Mortgage Rates:

The chart below shows the trend in mortgage rates over the past year:

Mortgage Rate Lock Advice:

Mortgage rates are no longer at their lows of 2010. On Friday, the price of the FNMA 30-Year 4.5% Coupon closed within 50 basis points of its all-time high of 102.69 which was on November 30, 2009. This morning, the MBS coupon was within 78 basis points of that all-time high. As a comparison, what that means is this: if a 30 year fixed mortgage rate was 4.875% with no points Friday, and if price of the MBS 4.5% coupon were to go as high as 102.69, then the best the 30 year fixed mortgage rate would be is 4.75% with 0.50 point today.

Mortgage rates were already at their lows for 2010. While it's still possible that mortgage rates could go lower again with the ongoing economic crisis in Europe as well as the housing market crisis in China, it won't be by much, and I would not risk the chance waiting for it.

If I were closing within the next 5 - 7 days, I would lock in the rate.

If you are closing in more than 7 days, send me an email to get my rate lock advice.

Be sure to check out today's mortgage rates.