Mortgage Rates Remain Low in Vermont

According to the Freddie Mac Primary Mortgage Market Survey, average fixed mortgage rates have held steady in recent weeks. For five weeks in a row, average rates on 30-year fixed-rate mortgages haven’t increased over the 4 percent mark. At the same time last year, the average rate on 30-year FRMs averaged 4.46. While the 15-year FRMs held steady at an average of 3.3 percent from the week before, rates are down an average of 0.51 percent from the same time last year. Adjustable-rate mortgages, meanwhile, have also fallen to record lows.

Good News for Home Buyers

The loss of percentage points is good news for home buyers. Due to these low mortgage rates, home affordability has never been higher. And it seems as if home buyers and homeowners looking to refinance are taking advantage of this opportunity. Data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey shows that for the week starting November 28, mortgage applications were up 12.8 percent from the previous week.

An Increase in Consumer Confidence

The Conference Board Consumer Confidence Index improved from October to November―jumping from 40.9 to 56.0 percent in the span of a month. A decrease in mortgage rates and an increase in consumer confidence may help explain the recent report from the National Association of Realtors, which shows a sharp increase in pending home sales, from 84.5 percent in September to 93.3 percent in October.

Higher FHA Loan Limits

Buyers looking for a home in one of the country’s high-priced housing markets just caught a break. The recent passing of a bill reinstated the former limit of $729,750 for Federal Housing Administration-backed mortgages in high-priced areas, effectively canceling the October imposition of a $625,500 ceiling. Unfortunately, Fannie Mae and Freddie Mac backed loans won’t see an increase in line with the FHA.

The rise in mortgage applications and pending home sales means many people are taking advantage of these record-low mortgage rates. If mortgage rates remain at record lows, more Americans should regain their confidence in the real estate market.

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According to a recent report from the Northern New England Real Estate Network residential listings through September 30, 2011, were  down 6.34% from the same time in 2010.  For closed units, the market was up 5.07% with an increase of average selling price up .37% from last years numbers.  With that said, our average days on market this year is up to 111 days which is a 13.57% increase from last year at this time.  The average sales price to list price ratio is hovering around 96% which is up about .30% from last year at this time.  All in all, the market is showing signs of life for those homes that are being priced according to market demand.  The interest rates are incredible and therefore it is a great time to buy and sell in and around the Chittenden County area.

Search sold Vermont Real Estate Listings.

Are you, or someone you know, upside down on your mortgage?

During these tough economic times more and more people are finding it difficult to continue making mortgage payments on their homes. With that said, with the downturn in the economy, many of their homes are no longer worth what they paid for them which makes it incredibly difficult to know what to do. The following article gives some helpful tips when you are upside down in your mortgage.

We are Short Sales Specialist Realors for South Burlington VT Real Estate and surrounding areas.  Please call or email and would be more than happy to answer any questions you have.

VT Home Sales Update for September.

With Autumn and all its beauty, comes a more optimistic outlook in the VT real estate market as well.  According to recent statistics for Chittenden county real estate and the surrounding areas, our year-to-date numbers show a 7.25 % increase in closed units from the same time as last year.  The average price increased by 2.21% and the average days on market is currently at 128 days  with the average selling price of $264,400.

Homes for sale in the heart of Vermont’s beauty!

Fall has officially hit our state in a big fashion this year. The foliage season is lining up to be breathtaking once again as is far from over. As you visit our from home to home this fall, take the time to enjoy the beauty of our wonderful state and area.    The vistas are spectacular and we are truly lucky to live in such a wonderful place. Have you been thinking about making a move to country?  Take a look at these Vermont Country Homes For Sale or call us for a private tour.  If you are visiting our state this weekend, we welcome you and hope you enjoy your stay.  Here is a web site you may find helpful onVermont foligage updates and travel information to help coordinate your visit!

Mortgage rates are rocking the bottom.

Recently, we received a report that mortgage rates in general were hovering around the 4 % mark for 30-year loans and that VHFA, a first-time home buyer program, had reached a new low of 3.5 %; making home ownership even more affordable. If you would like some help in determining your options, please contact us or browse listings in Chittenden County VT that may qualify for the VHFA loan.