Morning Briefing: Mortgage rates largely unchanged

by Steve Randall07 Oct 2016
Mortgage rates largely unchanged
There has been no change to the average rates of 15-year and 30-year fixed rate mortgages this week while 5-year ARM’s have dipped slightly.

The latest data from the Freddie Mac Primary Mortgage Market Survey shows that the average for a 30-year FRM remained at 3.42 per cent in the week ending October 6, 2016; for a 15-year FRM the average was unchanged at 2.72 per cent.

For a 5-year ARM there was a dip of 10 basis points to 2.80 per cent.

“Over the past two weeks, mortgage rates have remained fairly flat while Treasury yields have fallen and risen. This Friday's jobs report will provide clarity on whether or not mortgage rates follow the recent upward trend in Treasury yields,” commented Freddie Mac’s chief economist Sean Becketti.
 
Mid-Tennessee market steady in 3rd quarter
Data from the Greater Nashville Association of Realtors shows that the region’s home sales were up 0.8 per cent year-over-year in September with 3,474 closings. 

However, the quarterly figure for the July-September period was 1.2 per cent lower than the same period of 2015 with 10,920 closings. Year-to-date sales were up 3.9 per cent to 29,372.

“Through the third quarter each county in our reporting area has experienced an increase in median sales price. Eight of the nine counties increased in sales, also,” said GNAR President Denise Creswell. “Pending sales are solid going into the last quarter of the season indicating we should finish the year well. It’s apparent investing in homeownership is still a priority for the residents of Middle Tennessee.”

The median residential price for a single-family home during September was $256,900, and for a condominium, it was $188,495. This compares with last year’s median residential and condominium prices of $236,866 and $171,325, respectively.
 
“Home Improvement” actor lists Glendale home
One of the stars of nineties sitcom “Home Improvement” has listed his Glendale, CA home for $1.38 million.

The LA Times reports that Zachery Ty Bryan, who played Tim Allen’s oldest son Brad on the hit show, has listed the ranch house in the gated San Rafael Estates, which he bought for $690,000 in 2001.

The single-story home has 3 bedrooms, 2.5 bathrooms and outside space including spa, fire pit and 3-car garage.
 

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