RE/MAX 440
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 Circle Last Year's Lows

February 17, 2016 1:48 am

Mortgage rates have moved lower for the sixth week in a row, prodded by ongoing market volatility, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®).

“The 30-year mortgage rate dropped another 7 basis points [last] week to 3.65 percent,” says Sean Becketti, chief economist at Freddie Mac. “[Last] week's drop leaves the mortgage rate just 6 basis points above last year's low of 3.59 percent.”

The average 15-year fixed-rate mortgage (FRM) averaged 2.95 percent with an average 0.5 point, according to the survey, and the average 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent with an average 0.4 point—both decreases.

“In a falling rate environment, mortgage rates often adjust more slowly than capital market rates, and the early-2016 flight-to-quality has run true to form,” Becketti says. “The 30-year mortgage rate has dropped 36 basis points since the start of the year, while the yield on the 10-year Treasury has dropped 59 basis points over the same period. If Treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing.” 

Source: Freddie Mac

Published with permission from RISMedia.


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Scam Alert: There's No Such Thing as a Free Energy Audit

February 17, 2016 1:48 am

Are you looking for ways to reduce your energy expenses? Concerned as you may be, don’t accept a free energy audit. Audits billed as “free” are often perpetrated by scammers hoping to make off with thousands of dollars from unsuspecting homeowners.

According to the Better Business Bureau (BBB), most of these cons start with a knock on the door from someone offering free home energy audits. The person then suggests touring the home in order to pinpoint areas that are contributing to high utility bills.

Don’t be fooled—this first interaction is actually a set-up for another scam. Following the tour, the fraudster may ask for payment upfront, claiming it is needed to finance a government grant that will earn the homeowner a rebate, or pressure the homeowner into paying for slip-shod construction work or highly marked-up energy-efficient products.

To avoid becoming a victim of an energy audit scam, remember to:

Never allow any one into your home who claims to be from the utility company or the government, unless you requested the visit.

Ask the person for identification. Inspect their identification card thoroughly, and compare it to the identity labeled on their uniform and given in their story.

Listen for red flag words, such as “prepaid debit card” or “wire transfer.” These are tell-tale signs of a scam.

Keep your cool. If you suspect a scam, remain calm. If the fraudster is pressuring you for information or payment, call your utility company (use the number on your bill) to verify.

Use common sense. Some scammers may seek payment to repair or replace your electrical meter. The meter on your home is the property of the utility company, and it is never your responsibility to maintain, repair or replace it.

Source: BBB

Published with permission from RISMedia.


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