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

Overseas Volatility Pushes Mortgage Rates Down

July 10, 2015 12:51 am

Mortgage rates recently dropped in response to global uncertainty, helping to keep buyer activity strong toward the close of the homebuying season, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®).

The results of the survey found the 30-year fixed-rate mortgage (FRM) averaging 4.04 percent, and the 15-year FRM averaging 3.20 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent. The 1-year Treasury-indexed ARM averaged 2.50 percent.

"Yields on Treasury securities declined this week in response to investor concerns about events in Greece and China,” explains Freddie Mac Chief Economist Sean Becketti. “Mortgage rates fell as well, although not by as much as government bond yields.

“Overseas volatility is likely to persist for some time, providing some restraint on potential U.S. rate increases. In addition, the minutes of the June meeting of the Federal Open Market Committee suggest the Federal Reserve will proceed cautiously–monitoring events both overseas and in the U.S. to ascertain the appropriate moment to begin raising short-term interest rates. As a result, mortgage rates may remain in the neighborhood of 4 percent for a while."

Source: Freddie Mac

Published with permission from RISMedia.


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Aging in Place Remodels Most Popular

July 10, 2015 12:51 am

As the housing market continues its recovery, homeowners are increasingly seeking more square footage and accessibility in and out of the home, suggesting an aging in place trend, reports a recent American Institute of Architects (AIA) Home Design Trends Survey. Popular design requests by homeowners also include single-floor plans and informal, open-space layouts.

“An increase in home square footage with the rising popularity of accessible design concepts points to a population that is preparing to age-in-place, or, perhaps, is anticipating responsibility for caretaking of older relatives in the future,” says AIA Chief Economist Kermit Baker, PhD, Hon. AIA. “As homeowners prepare to stay in their current homes, investment in outdoor living spaces has also increased.”

In outdoor spaces, homeowners most covet low-irrigation landscaping, exterior security lighting and blended indoor-outdoor living, according to the survey.

The remodeling industry as a whole has seen a slight uptick in the last year, particularly when it comes to remodeling custom or luxury homes, move-up homes, second homes or vacation homes. First-time homes and affordable homes saw little increase in remodeling. Kitchen and bathroom projects, as well as projects in townhouses and condos, remained relatively unchanged.

Source: AIA

Published with permission from RISMedia.


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