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John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Mortgage Rates Hold Steady

September 5, 2014 1:39 am

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely steady for the third straight week.

"Mortgage rates were little changed amid a week of light economic reports. The 30-year fixed-rate mortgage rate remained unchanged from the previous week at 4.10 percent,” notes Frank Nothaft, vice president and chief economist, Freddie Mac. “Of the few releases, the ISM's manufacturing index rose to 59.0 in August from 57.1 the previous month. This was the highest reading of the index since March 2011.”

30-year-fixed-rate mortgages (FRM) averaged 4.10 percent with an average of 0.5 point for the week ending September 4, 2014, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.57 percent.

15-year FRMs this week averaged 3.24 percent with an average 0.5 point, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.59 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 3.28 percent.

1-year Treasury-indexed ARM averaged 2.40 percent this week with an average 0.4 point, up from last week when it averaged 2.39 percent. At this time last year, the 1-year ARM averaged 2.71 percent.

Source: Freddie Mac

Published with permission from RISMedia.


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Study: First-Time Homebuyers Seek Ideal Agent Relationship

September 5, 2014 1:39 am

A client’s relationship with his or her real estate agent will largely determine how satisfied that customer is in the home buying or selling experience. Among first-time buyers, there is a strong need for agents to keep them comfortable and informed and offer a seamless process, according to the J.D. Power 2014 Home Buyer/Seller Satisfaction Study.

The study measures customer satisfaction among first-time and repeat home buyers and sellers with the nation’s largest real estate companies. Overall satisfaction is measured across four factors of the home-buying experience: agent/salesperson; real estate office; closing process; and variety of additional services. For satisfaction in the home-selling experience, the same four factors are evaluated plus a fifth factor, marketing.

Key data from the study conclude that although the agent-client relationship is the most important factor in determining satisfaction with buyers, for sellers, marketing of the home is the most important factor. This is because it is easier for sellers to assess how an agent is supporting the sale through tangible marketing efforts.

Overall satisfaction with real estate companies is higher among repeat customers, compared with first-time buyers or sellers. Buyers and sellers also tend to choose a real estate firm based on its reputation (30 percent of buyers, 35 percent of sellers), past experience with the agent (21 percent of buyers, 25 percent of sellers), and recommendations (24 percent of buyers, 21 percent of sellers).

Other findings include: the 2014 average listing price, $200,000, remains unchanged from 2013, the average number of open houses per listing is three, and the average number of showings to sell a home is nearly eight times.

Source: J.D. Power

Published with permission from RISMedia.


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