MORTGAGE MARKET WEEK IN REVIEW
The markets have been anticipating the announcement of a third round of quantative easing during Fed Chair Ben Bernanke’s speech in Jackson Hole today. The Fed Chair spoke but issued no formal announcement. However, in his speech he commented that progress in bringing down U.S. unemployment was too slow and that the central bank would act as needed to strengthen the economic recovery. The markets took this as a veiled sign that the Fed will soon act and as a result we have a concurrent rally in stocks and bonds ahead of a 3-day weekend
CURRENT INTEREST RATES | AUGUST 31, 2012
| CONFORMING RATES ($200,000 – $417,000) 0 POINTS • 30 Year Fixed: 3.500% (3.59% APR) • 5/1 ARM: 2.375% (2.47% APR) |
JUMBO RATES ($625,501 – $2,000,000) 0 POINTS • 30 Year Fixed: 4.125% (4.21% APR) • 5/1 ARM: 2.990% (3.07% APR) |
| CONFORMING (HIGH-BALANCE) RATES ($417,001 – $625,500 cap by county) 0 POINTS • 30 Year Fixed: 3.750% (3.82% APR) • 5/1 ARM: 2.990% (3.07% APR) |
RATE TRENDS Rates are FLAT compared to last week. Rates are UP compared to last month. Rates are DOWN compared to one year ago |
INDUSTRY NEWS
Home Values Rise in U.S. for First Time Since 2010
Home prices in 20 U.S. cities climbed in June for the first time since a tax credit boosted sales in 2010, indicating the industry at the heart of the worst recession in the post-World War II era is starting to rebound.
The S&P/Case-Shiller index increased 0.5 percent from June 2011 after falling 0.7 percent in the year to May. The last 12-month increase took place in September 2010. Nationally, prices jumped last quarter by the most in more than six years.
The lowest mortgage rates on record and a decline in sales of distressed properties may help the market contribute to the economic expansion that is now in its fourth year.
Sausalito view home in heart of Banana Belt
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This article was reprinted courtesy of Gina Kemsley – Copyright © 2012 Gina Kemsley, Terra Mortgage Banking, All rights reserved.
Gina Kemsley – Senior Vice President - Loan Consultant, Terra Mortgage Banking
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About the author: The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789. I am an award winning Realtor specializing in luxury residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.
My goal is to provide you with the best home buying or selling experience possible by combining my business and financial experience with meticulous attention to detail and a warm, personable and caring approach to meeting your needs. I have an excellent track record as a successful, results-oriented negotiator and effective communicator. My analytical skills and understanding of current market conditions, along with my ability to utilize a broad range of cutting edge technological and innovative marketing resources, make me an invaluable real estate resource.
I am a long term Marin County resident and home owner. I strongly believe our quality of life is extraordinary and practically unmatched. I love our community, quaint towns and vast open space and never tire of their breathtaking beauty. I know the neighborhoods, the schools, the amenities; I know where you want to live. I know and love Marin County!
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