Morning Briefing: Mortgage rates up ahead of holiday weekend

by Steve Randall03 Jul 2015
Mortgage rates up ahead of holiday weekend
Mortgage rates increased in the days leading up to the Independence Day holiday weekend according to Freddie Mac’s primary mortgage survey. Average mortgage rates hit new 2015 highs with 30-year FRM’s at 4.08 per cent, up from 4.02 per cent last week. 15-year FRM’s averaged 3.24 per cent, up from 3.21 per cent; 5-year ARM’s increased to 2.99 per cent from 2.98 per cent; and 1 year ARM’s were up to an average of 2.52 per cent from 2.50 per cent a week earlier. Sean Becketti, chief economist commented: "Overseas events are generating significant day-to-day volatility in interest rates. Nonetheless, the week-to-week impact on most rates was modest. The MBA composite index of mortgage applications fell 4.7 percent in response to what is now three consecutive weeks of mortgage rates over 4 percent.”
Manhattan apartment prices hit record high
Average sales prices for apartments in Manhattan hit a new record high - $1,872,000 – in the second quarter. Douglas Elliman data shows that the median sales price reached the second highest ever at $980,000. CNBC reports that co-ops have also hit a new high of $1.5 million. It highlights the significance of that increase as co-ops make up the largest proportion of the market in Manhattan and are usually bought by domestic buyers. Sales volume was 20 per cent lower year-over-year suggesting that many buyers are unwilling or unable to pay the inflated prices.
Josh Hartnett sells Minneapolis home at a loss
The star of Pearl Harbor and Showtime drama Penny Dreadful has sold the home he bought at the height of his success. Josh Hartnett who has been out of the limelight recently paid $2.395 million for the 5,000 square foot Minneapolis home in 2002 but has now sold it at a $95k loss. The four bedroom, three-bathroom house with period features, gym and swimming pool was sold by Jacob Smith of Sotheby’s International. Forbes reports that Hartnett still owns a property in New York.
Tim McGraw gives away mortgage-free homes to veterans
Tim McGraw has teamed up with Operation Homefront and Chase to give away 6 mortgage-free homes to veterans this year so far with another 30 planned for the fall. says the country singer has worked with the non-profit and the mortgage lender for some time and has provided 114 homes for veterans in the last three years.


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