Sales of pervious occupied homes fell in June for a third straight month for a seasonally adjusted 4.77 million. The pace is lagging behind the 4.91 million homes sold last year – THE FEWEST SINCE 1997.
New home sales also declined in June and are trailing last year sales, which were the worst on records dating back nearly ½ century.
On the up side:
The average rate on a 15-20-30 year fixed mortgage has fallen to its lowest level in decades.
The average rate on a 15-year fixed mortgage has fallen to its lowest level in decades.
The rate from the popular refinancing option dropped to 3.54 % this week from 3.66 % last week, Freddie Mac said Thursday. That’s the lowest result sing the mortgage buyer began tracking it since 1991. The average rate on the 30 year fixed loan fell to a year low from 4.39% from 4.55% the previous week. Mortgage rates treed to track the yield on the 10 year mortgage note. A weakening US economy had led many investors to shift money from stocks to bond, which are seen as safer bets. That has pushed treasury yeals to the lowest level this year. BOND yields fall as demand increases.
Low mortgage rates and depressed loan prices had don’t to revive the moribund housing market.
Sales of pervious occupied homes fell in June for a third straight month for a seasonally adjusted 4.77 million. The pace is lagging behind the 4.91 million homes sold last year – THE FEWEST SINCE 1997. In a healthy economy, people buy roughly 6 million homes per year.
New home sales also declined in June and are trailing last year sales, which were the worst on records dating back nearly ½ century.
Getting to know where you stand with your monthly mortgage payment is the first and most important thing when you looking for the right home.
There are many things that you have to conceder when looking for a home, the right size, right neighborhood, color and affordability. Your monthly payment trumps all when selecting a home.
Here is what consists of monthly mortgage payment:
•1. Principle & Interest
•2. Taxes on the property
•3. Mortgage Insurance... If down payment is less that 20% of purchase price
•4. Homeowners insurance
Did you know if you choose to include your taxes and insurance lenders calculate your monthly payment they will take the annual taxes and homeowners insurance and in some case MI (mortgage insurance) and break it up into 12 payments per year. If you do NOT escrow the payment you would be responsible to pay your taxes quarterly and the homeowners insurance annually.
When purchasing your home, here is what you can expect throughout the loan process once your sales contract has been accepted by the sellers.
•1. Pre Approval
•2. Hire real-estate attorney
•3. Home Inspection ("out of pocket cost" $ 300- $500) Not required by lender
•4. Complete Loan application
•5. Appraisal on home ("out of pocket" cost $ 300-$500)
•6. Under written by lender
•7. Loan Commitment, loan Approval
•8. Title Insurance
•9. Survey on property
•10. Homeowners Insurance ("out of pocket cost" 1 year up front, one week prior to closing)
Getting pre approved is your first step to owning your home. CALL NOW...
I am open for any questions.
Best regards,
Antonio Llamas allamas@westtownsb.com
973-460-4687
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FINANCIAL HOME LOAN SPECIALIST Specializing in NEW JERSEY, NEW YORK,CT,PA
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