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 Edge Down

April 24, 2015 1:48 am

Average fixed mortgage rates moved down slightly, remaining near their 2015 lows as the spring homebuying season continues, according to Freddie Mac’s recent Primary Mortgage Market Survey® (PMMS®).

The 30-year fixed-rate mortgage (FRM) averaged 3.65 percent and the 15-year FRM averaged 2.92 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent, while the 1-year Treasury-indexed ARM averaged 2.44 percent.

The news is positive for potential homebuyers this spring, says Len Kiefer, deputy chief economist, Freddie Mac.

“Purchase applications in 60 of the 100 markets that MiMi [Multi-Indicator Market Index] tracks are up from the same time last year, including 20 markets that are showing double-digit increases,” Kiefer explains. “Reinforcing this positive momentum, existing home sales surged 6.1 percent to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013. Housing inventory rose 5.3 percent to 2 million homes for sale, but unsold inventory was little changed at a 4.6 month supply.”

Source: Freddie Mac

Published with permission from RISMedia.


More Moves Motivated by Family, Friends

April 23, 2015 1:45 am

Forget warmer climates – more baby boomers are retiring near their adult children to help care for grandchildren, according 40 percent of respondents in a recent Mayflower Movers Insights survey. What’s more, half of Americans believe boomers are needed in the same towns as their children and grandchildren, compared to five years ago.

This is largely due to the increase in two-income households where both parents work and need assistance with their children, one in five respondents said. This complements the results of a recent Bureau of Labor Statistics survey, which found that nearly 60 percent of all U.S. families with children under the age of 18 had two working parents.

Additionally, one in four millennials, or those age 18 to 34, have moved back to their hometown in the past five years. Their primary motivation? Being closer to family, friends and significant others. Just 18 percent of millennials said they were moving back home to help care for family members. Seventeen percent would consider moving back home to settle down and start a family.

Source: Mayflower

Published with permission from RISMedia.