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 Reel In

June 19, 2015 1:57 am

After a notable run-up, both fixed and adjustable mortgage rates are taking a breather, reports Bankrate.com. Mortgage rates moved down slightly with the benchmark 30-year fixed mortgage rate slipping to 4.13 percent and the average 15-year fixed mortgage sliding to 3.35 percent.

Adjustable rate mortgages (ARM) have lowered as well, with the 5-year ARM down to 3.22 percent, and the 7-year ARM settling at 3.45 percent. The jumbo 30-year fixed mortgage retreated to 4.14 percent.

The Federal Open Market Committee (FOMC), while acknowledging the likelihood of an initial interest rate hike later this year, did emphasize that further economic improvement still needs to be seen and that the trajectory of interest rates will be gradual. This has calmed the nerves of bond investors, causing both bond yields and mortgage rates to settle after a period of volatility.
Mortgage rates are closely related to yields on long-term government bonds, which fluctuate based on the outlook for the economy, interest rates and inflation.

Source: Bankrate.com

Published with permission from RISMedia.


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The Added Expenses Homeowners May Overlook

June 19, 2015 1:57 am

Many homeowners agree the most stressful part about owning a home is the added costs. According to a recent analysis by Zillow and Thumbtack.com, homeowners can pay more than $9,000 in additional expenses each year, with most averaging $6,042 in unavoidable costs like homeowners insurance, property taxes and utilities.

Though DIY is often the preference of many homeowners when it comes to cleaning their home or doing yard work, those who choose to outsource find equally variable costs across the country. Professional help for tasks like house cleaning, yard care, gutter cleaning, carpet cleaning and pressure washing averages $3,435 a year, the analysis found.

"Homebuyers too often fixate on the sticker price or monthly mortgage payment on a house, and don't budget for the other expenses associated with ownership – which can add up quickly," says Zillow Chief Marketing Officer Amy Bohutinsky. "For example, new buyers can get really excited about having a backyard of their own for the first time, without budgeting for how they plan to maintain that space."

For buyers who may be relocating to a different area of the country, the difference in costs regionally is crucial to consider when budgeting.

Source: Zillow

Published with permission from RISMedia.


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