Each Friday we share with you the must-read, real estate news of the week. We’ve got everything you need to know to stay on top of breaking industry news and trends.
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“Average Rate On 30-Year Mortgage Dips To 3.88 Percent”
Fixed mortgage remain a bargain at the start of the spring-buying season: The average rate on the 30-year mortgage dipped last week, while the 15-year loan fell to a new record low. Mortgage buyer Freddie Mac says the rate on the 30-year loan ticked down to 3.88 percent, from 3.90 percent the previous week. That’s slightly above the 3.87 percent average rate hit three weeks ago, which was the lowest since long-term mortgages began in the 1950s. Continue reading . . .
“Obama Offers Mortgage Relief To Millions Of Homeowners”
President Barack Obama on Tuesday announced a cut in fees on many government-backed mortgages that he said could help millions of homeowners refinance, part of an election-year push to boost the shaky housing market. Under the plan, a typical borrower with a loan backed by the Federal Housing Administration could save a thousand dollars a year by refinancing into a new FHA loan, the White House said. The fee reductions would be on top of any savings from a lower interest rate. Continue reading . . .
“Top 10 Real Estate Markets For $1M-Plus Home Searches”
Real estate markets in Sun Belt states dominated in a list of markets where the largest share of Realtor.com visitors searched for homes priced at $1 million or above in January. The Los Angeles-Long Beach, Calif., metro area dominated the search locations, with 16.1 percent of total searches at Realtor.com in January targeting $1 million-plus homes. Orange County, Calif., was a distant second with 6.3 percent of total searches dedicated to $1 million-plus homes, followed by Miami with a 4.8 percent share. The share of total searches devoted to $1 million-plus properties was 2.7 percent in 10th-ranked Naples, Fla. Continue reading . . .