For the sixth time in seven weeks there has been an increase in mortgage rates. The average 30 year fixed rate mortgage went up to 6.26 percent. It is now at its highest level over the past ten weeks.

Not to be outdone, the 15 year fixed rate mortgage also rose. This popular refinancing option is now at 6.03 percent. ARM moved higher also. The average 5/1 ARM now sits at 6.2 percent and the one-year adjustable rate mortgage is at 6 percent.

Mortgage rates are pushing higher due to the strong economic data from higher than expected December retail sales. In addition, the unemployment claims rate is now below the 300,000 level. These factors have raised concerns over inflation and that has stifled any cuts in the Federal Reserve rate.

Overall, however, mortgage rates are still low. The last interest rate hike was in June ‘06 and took interest rates to 6.93 percent.

Technorati Tags: mortgage rates, interest rates, home loan, federal reserve

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Winter is usually not the best time to try to sell your house. In most places, the grass is not green, few flowers are in bloom, birds are not singing and it is usually cold.

But don’t let those winter blues get you down! If you are trying to sell your house this winter, here are three tips that may help you make that sale:

• Turn on a little music. Music is a great way to create some atmosphere. Of course, this is depending on what type of music you play. Try some soft classical or some smooth jazz. There is a reason why this is what is used in the stores. It is soothing and conducive to “browsing”.
• Bake some cookies. Preferably, chocolate chip. That creates a nice, homey smell and continues with the “soothing” theme. If you don’t like chocolate chip cookies (8O), try baking some bread or cinnamon rolls. Even if the visitors don’t make an offer, you at least have a nice snack. You want the potential home buyers to “see” themselves in the house.
• Turn up the heat. Make sure the house is warm and toasty (if it is cold outside) so that the visitors will feel relaxed and soothed (there’s that word again). If the buyer is not comfortable, how long do you think they will browse?

These three things alone probably will not sell your house. But, remember that winter is usually a slow time for home sales so you need to take a few extra steps. Cozy is the operative word.

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Well, we have run into a few glitches lately.  But - we are back in business.  Hopefully our readers will come back too .

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If you speak to a Swansboro real estate agent, they will tell you that things have slowed down significantly. Compared to the real estate market of 1 year ago, they are right. However, there are still plenty of things going on to be interested in.

In Jacksonville, NC, there are several new home developments popping up. There are ones geared toward first-time home buyers and there are some aimed at established, professional families with larger incomes.

Cole’s Farm, for example, is a new development in the Jacksonville area. Each home will be situated on at least 1 acre of land. Translation, you will not be piled up on top of your neighbor. Additionally, the development sits just outside of the city limits. Translation, you get the benefits of city life without paying the higher property taxes associated with city life.

Cole’s Farm is targeting established families desiring to move to the North Carolina coast, near city amenities and schools but away from the hustle-and-bustle of city life. They are developing a web site to advertise this subdivision, so stay tuned.

If you are more in to a Condominium, check out Swann Harbour in Swansboro. These are great multi-level, waterfront condos right on the White Oak River. Very nice.

Also, in Cedar Point, NC, look for The Villages at Megan’s Bay. These condos are offered by Green Key Properties and have nearly sold out. You better act quickly if you are interested.

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Most people like fixed-rate mortgages because they know how much the monthly payment will be since it does not fluctuate with the mortgage market. However, the question then becomes a matter of securing a 15-year mortgage or a 30-year mortgage.

While there is no cut-and-dry answer, here is an article that will help you decide:

15 year fixed-rate mortgage vs. 30 year fixed-rate mortgage

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The average 30-year fixed mortgage held steady at 6.42%.  The average 15-year fixed rate mortgage, which is popular for refinancing, moved to 6.10%, down from 6.11% last week.  Adjustable rate mortgages increased slightly: the average 5/1 adjustable rate mortgage was 6.24 and the average one-year ARM settled at 5.92 from 5.90%.

Overall, fixed mortgage rates are higher than they were a year ago. One year ago, the average 30-year fixed mortgage rate was 6.17%.  However, 6.42 is still not a bad rate.

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The nation’s average mortgage rates are at the lowest levels more than six months.

According to Freddie Mac, last week the average 30-year fixed-rate mortgage was 6.40 percent; this week, that same mortgage sits at 6.31 percent.
The last time mortgage rates were this low was in early March when they were at 6.24 percent.

It is hard to believe that just over 2 months ago mortgage rates were at a four year high when they peaked at 6.80 percent on July 20.

Many are taking advantage of the low rates for mortgage refinance loans to try to lower their monthly payments and many first-time homebuyers are able to afford “more house” due to the lower mortgage rates.

Now that most financial analysts are thinking that the slowing economy will keep inflation in check, the feeling is that interest rates will hover around their current levels for the remainder of 2006.

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We are constantly amazed at the number of real estate companies and agents that do not utilize modern technology. To some, a fax machine is “modern”. If they have a website (notice we say “if”) it is poorly managed and not visitor friendly.  They do not realize how important real estate technology has become.
Today’s home buyer probably does not have a fax machine, not because they are not up-to-date with technology; it is because fax machines are far from the latest and greatest. Everything is sent via email. Buyers want instant results. If a buyer’s request sits around for more than a day or two, you have probably lost the sale.

Here is a quote from Donald Teel at realblogging.com that hits it right on the head:

Consumerism is now the central most powerful factor influencing the real estate industry’s business operating models. I have called Consumerism, the ultimate “ISM” because it is the consumer who will dictate how they will converse with us in the new open, freedom markets. The demand for 24/7/365 online services that can be used by the consumer from any location should now be paramount to every owner’s business model.

As the real estate market changes and slows, competition grows.  You have to make sure you are keeping up with technology or your competitors will leave you behind.

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Have you noticed how large homes have become lately. When I was growing up, we lived in a modest 1500 square foot home. Three kids and my parents in a 1500 sq. foot house…that is almost unheard of today. The average home size has increased dramatically while the average family size has remained relatively unchanged.

The realestatebloggers offers a possible reason for the larger home size:

The answer that has been out there but not considered is that home is where the business is. Over half of the businesses in the United States are home based. So whether it is intellectual capital that is being used or shipping items, we need space besides the kitchen table to work at.

They go on to quote the Miami Herald:

49 percent of U.S. businesses are home-based, according to U.S. Census Bureau.

I never really thought about it like that, but that is an amazing fact. Plus, nearly everyone in today’s household has their own television, computer, game console, etc. That takes up space.

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Mortgage Interest rates fell a little again. That makes 9 of the last 11 weeks that rates have dropped. All total, rates on 30-year mortgages have dropped almost a half percentage point.

This week, the average 30-year fixed mortgage rate fell to 6.44 percent. Refinancing’s favorite, the 15-year fixed, dropped to 6.12. Other mortgage rates are as follows:

• The jumbo 30-year fixed - 6.69 percent.
• 5/1 ARM - 6.19 percent.
• The one-year ARM - 5.89 percent.

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