Mortgage rates largely unchanged
Mortgage rates heading into the holiday weekend were largely unchanged according to data from Freddie Mac. Its weekly Primary Mortgage Market Survey showed 30-year FRM’s down to an average 3.96 per cent in the week ending Dec. 24 from 3.97 per cent a week earlier. 15-year FRM’s averaged 3.22 per cent, unchanged from the previous week. 5-year ARM’s averaged 3.06 per cent, up from 3.03 per cent; 1-year ARM’s averaged 2.68 per cent, up from 2.67 per cent a week earlier. Freddie Mac’s chief economist Sean Becketti commented: “Long-term interest rates will not spike in response to the Federal funds rate increase. While we expect the 30-year mortgage rate to be above 4 percent in early 2016, we anticipate rates will gradually increase, averaging 4.4 percent for the year."
Veteran actress lists 46-year home
Celebrities have a habit of moving home so when an actress decides to sell after 46 years it’s pretty unusual. Zina Jasper, best known for roles in Law & Order and Crimes & Misdemeanors, has listed her home on New York’s Upper West Side for $2.19 million. The New York Post reveals that Jasper will pick up a hefty profit on her long-time home, having bought it for just $100,000. Perhaps the most interesting part of the story is how she afforded the downpayment; selling a hand-me-down lamp which turned out to be a unique Tiffany piece.
Housing crash movie hits theaters
The movie of the Michael Lewis book The Big Short hit movie theaters across the US over the holiday weekend, following a limited release earlier in the month. It stars Christian Bale, Steve Carrell and Brad Pitt and charts the build-up of the housing and credit bubble and a group who saw it coming and set out to profit from it. The movie has received positive reviews for its depiction of the crash in the US housing market.