Mortgage rates higher for first time in 2 months
The latest data from Freddie Mac shows that mortgage rates have edged higher for the first time in two months. The corporation’s Primary Market Survey reveals that average 30-year FRM’s increased by 2 basis points as treasury yields increased. However chief economist Sean Becketti said that he does not expect the Fed to increase interest rates in the near-term which should avoid any nasty shocks to the mortgage rates.
A 30-year FRM averaged 3.64 per cent in the week ending Mar. 3, up from 3.62 per cent last week but still below the 3.75 per cent of a year ago;15-year FRM’s averaged 2.94 per cent, up from 2.93 per cent last week but below the 3.03 per cent of a year ago; and 5-year ARM’s averaged 2.84 per cent, up from 2.79 per cent last week but below the 2.96 per cent of a year ago.
Mortgage credit availability has remained stable over the past week according to the Mortgage Bankers’ Association.
How much income is needed for homes in major metros?
Mortgage website HSH has updated its figures for 27 major metros, showing the levels of income needed to afford a median-priced home. It found that in all of the metros, mortgage rates fell during the fourth quarter of 2015 while home prices were also lower in all but 5 metros, although higher year-over-year in all but three.
On a national median home price of $222,700 and with a national average mortgage rate for a 30-year FRM of 4.02 per cent, buyers would need $51,114 for their home loan
. Pittsburgh showed the lowest required-salary; based on a 3.90 per cent mortgage and $128,000 median-priced home, a buyer would need a salary of $31,134. San Francisco has the highest required income of $147,996; based on a $781,600 home with a 3.94 per cent mortgage.
Former Keira Knightley home listed
A former home of actress Keir Knightley has been listed in Lower Manhattan. The TriBeCa home with 3 bedrooms and 2 bathrooms was listed in 2009 at $8.4 million but is now on the market at $6.6 million. The New York Post reports that the seller has added features such as a cast iron and mahogany staircase welded inside the home.
Lindsay Lohan finds love with real estate agent
Actress Lindsay Lohan is reportedly very much in love with her current beau; real estate firm director Egor Tarabasov. Perez Hilton reports that the 29-year old has been dating the 22-year old Russian since last fall and is “in a good place”. The Home House Estates boss is said to be a smart businessman by one of Hilton’s insiders.