The 30-year fixed mortgage rate climbed to 4.66%, according to Bankrate.com’s weekly national survey.
Other rates reported to Bankrate:
- 15-year fixed rate – 3.75%
- 30-year jumbo fixed – 4.82%
- 5-year adjustable – 3.63%
- 10-year adjustable – 4.07%
This jump in mortgage rates came after job growth for June exceeded expectations and the federal government revised its April and May payroll data.
As recently as May 1st, the average 30-year fixed mortgage rate was 3.52%. At that time, a $200,000 loan would have carried a monthly payment of $900.32. With the average rate currently at 4.66%, the monthly payment for the same size loan would be $1,032.47, a difference of $132 per month for anyone that waited just a little too long.
Using their prediction models, Bankrate experts are split on the future of interest rate movements in the weeks to come. 42% predict a steady hold, 33% predict a continued rise, and 25% say the rates will fall.
I’ve embedded a poll for my readers. What do you think the rates will do in the following weeks?
As part of my commitment to be one of the leading real estate agents in the state of Idaho, I am required to take a certain number of continuing education classes every license term in order to qualify for re-licensing.
Today I had the opportunity to take a class at the Ada County Association of REALTORS® that focused on the “Pitfalls in Advertising”. The class was most informative, as Ada County classes are apt to be, but did provide us with some humor that I wanted to post and share with my followers.
Here’s a video from a television advertisement that ran in California in 1978.
Try to imagine a real estate agent selling you a home in this manner in today’s market. I especially like the part where he tells the audience that all they get is the outer frame. They’ll need to round up the family along with a hammer, a saw, and a paint roller to finish the inside on weekends.
Thank goodness the times have changed.
This weekend, April 20-21, is the REALTOR® Nationwide Open House. State realtor associations across the country are hosting and/or sponsoring huge events designed to facilitate the promotion of the benefits of home ownership to families and communities.
Despite the progression of the internet into the real estate transaction process, roughly 95% of potential homebuyers state they first look for a new house via the web, Open Houses still play a crucial part. In a poll of buyers who have closed on a new home, 45% stated they attended an Open House Event during the decision making process.
With all of the technological advances made in the recent decade toward a more streamlined and paperless real estate transaction system, nothing beats meeting those prospective buyers face to face and getting a personal feel for their wants and needs.
Get out this weekend, even if you’re not entirely in the market for a new home, take in some Open Houses in your neighborhood, meet some exciting and interesting real estate professionals and enjoy yourself. Some day, you more than likely will be in the market for a new home, if the statistics are accurate, and you may have already met the realtor that can assist you. After all, relationship farming works both ways, provider-customer, customer-provider.
As for me, I’ll be conducting an Open House this Saturday from 1-4 with one of my colleagues at 11217 West Barden Towers Drive in Boise. Stop on by and mention that you saw my blog post, I might even let you have an extra cookie.
According to the 2010 U.S. Census, the U.S population jumped 9.7 percent over 2000 to 308.7 million people. The Census also shows that minorities in this country grew to represent 36 percent of the total population. Leading the way are Hispanics, at 16 percent.
Of the growth between 2000 and 2010, Hispanics represented 56 percent of the population increase. The biggest single factor, of course, is immigration from Latin America. The median age of newcomers is 27 years. It is predicted that in the next two decades, more than one in four home buyers will be Hispanic.
As a realtor, will you be ready? I will be.
I am pleased to announce my affiliation with John L. Scott Real Estate. I am beginning a new business focus that will provide valuable and timely information to family, friends, and community associates. My business philosophy is rooted in providing exceptional customer service before, during, and after a real estate transaction. I hope you will allow me the opportunity to become your trusted real estate advisor. I welcome your calls and emails, whether you need immediate service or simply want information.
Because my focus will be on serving the needs of a select group of people, and less on general business prospecting, I will work almost exclusively by word-of-mouth referrals. In so doing, I can continue my dedication to my clients, and make each transaction a smoothly flowing experience.
I would feel privileged in providing professional real estate services to you, your friends, and your family. I realize there are many out there in our industry, and I would bring to our relationship the tools, resources, and track record of John L. Scott’s eighty years of successful real estate business. I add to that my personal commitment to each client and to each unique transaction.
Please feel free to also comment or email me regarding any real estate topics that you would like to see addressed in this forum. I hope that the service I provide you is of such a quality that you feel compelled to recommend me to friends and family as well. To me, there is no higher compliment than this.