Lake Geneva Real Estate
Mortgage Rates hit 5.75%!! Benchmark of 2005.
Mortgage rates have dropped to their lowest levels since the summer of 2005, as more people become convinced that the economy is in a housing-led slowdown.
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The benchmark 30-year fixed-rate mortgage fell 13 basis points, to 5.75 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.36 discount and origination points. One year ago, the mortgage index was 6.26 percent; four weeks ago, it was 6.21 percent.
The benchmark 15-year fixed-rate mortgage fell 17 basis points, to 5.28 percent. The benchmark 5/1 adjustable-rate mortgage fell 14 basis points, to 5.67 percent. As usual, the 30-year jumbo, for mortgages exceeding the $417,000 conforming limit, fell less rapidly — down 5 basis points, to 6.98 percent.
The benchmark 30-year rate hasn’t been lower than this since July 6, 2005, when it was 5.7 percent. Less than six months ago — July 25, 2007 — the benchmark 30-year rate was exactly 1 percentage point higher, at 6.75 percent. It has dropped fairly steadily since then, but the decline accelerated at the beginning of this year. The 30-year fixed has fallen 56 basis points in three weeks, the biggest three-week drop since February 1988.
Wisconsin Home Sales Outperform other states.
Dr. David Clark, Economist. Softening sales but steady home values in the 3rd quarter made Wisconsin’s housing market strong than many other house states, accoring to the WRA. The sale of existing homes in the 3rd quarter fell 9.8 percent compared to the same quarter last year but median prices actually rose 2.4 percent according to the WRA report. Key points: Sales peaked in 2005, statewide median prices have continued to rise, increasing 7.5 percent since the 1st quarter of 2006. Mortage rates remain low and stable. According to the Chicago Federal Reserve Bank, Wisconsin’s share of the mortgages that are subprime was below the national average at the end of 2006. Thus, this slightly softer market is a great time for Buyers. Pricing is competitive and financing is affordable and strong. There has never been a better time to purchase!
Virtual tours and the Internet
According to the National Association of Realtors (NAR), 88% of all Internet home buyers rate photos and virtual tours as extremely to very important for their home search. And, right now 80% of people searching for a home start on the Internet. Reconizing the trend you should have at least 20 photos and a virtual tour for your home listing. Home details, community information, links to map locations, links to schools and so forth are now a necessity for being on the Web. Does your Listing Agent provide this service? Print advertising may seem more recognizeable but people shop on-line 24/7 and forward email links on a continual basis. More exposure, less investment with a high rate of return. Make sure you are listed to your best advantage.
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Active Rain Blogging
This is a great site for real estate questions and linking with other realtors throughout the country. Marketing, sales information, industry trends, or contract questions. All can be found on Active Rain.
Click Here: http://activerain.com/blogs/margaretcanfield
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