Nearly 50% of home loan professionals polled by Bankrate.com this week anticipate no interest rate corrections over the up coming 30 to 45 days. Approximately 36% forsee a raise, while 18% prepare for further declines. WASHINGTON – Jan. 22, 2010 – Interest rates for 30-year home loans dropped a shade under 5% this week but continued to hold above last month’s record lows.

The standard price for a 30-year fixed mortgage loan was 4.99%, down from 5.06% one week before, mortgage loan provider Freddie Mac said Thursday.

It had been the third-straight weekly drop. This decline arrives following interest rates decline in the bond market this week as worries around the economy elevated demand for the security of government debt, that is strongly linked to mortgage rates.

Freddie Mac gathers mortgage rates Monday through Wednesday weekly from providers all-around the united states. Prices frequently vary considerably, even in just a day, usually in line with long-term Treasury bonds.

Prices for 30-year loans slipped to an all time low of 4.71% early on in December, pressed lower by a decisive federal campaign to lower buyers borrowing expenses.

The Federal Reserve is now dumping 1.25 trillion dollars inside mortgage-backed securities in an effort to drop mortgage loan rates, but those funds are set to run dry next spring. The objective is to produce affordable home buying for Americans and boost the housing market.

Even though it is entirely possible that this program could be prolonged, analysts feel the Federal Reserve is unwilling to do so.

The median price on 15-year fixed-rate mortgages declined to 4.4%, a decrease from 4.45% last week, based on Freddie Mac.

Rates on 5-year adjustable-rate mortgages averaged 4.27%, a drop from 4.32 % from the previous week. 1-year adjustable-rate mortgages dropped to 4.32% from 4.39% previously.

The quotes do not necessarily include add-on charges referred to as points. One point is equal to 1% of the complete loan amount.

Across the country, charges for mortgage loans in Freddie Mac’s survey averaged .7 point for 30-year loans and .6 point for 15-year,5-year and 1-year loans.

Prior to the original November 30, 2009 deadline, we noted that sales of existing homes had increased steadily since April. Surveys by The National Association of Realtors revealed that approximately 30% of all closed home sales transactions for that time were first-time buyers. That’s good news for the economy.

It is also good news for all buyers because last November, Congress decided to keep the tax credit option open and amended it to allow  some repeat home buyers to qualify for the credit also. The plan was to try and promote a sustained real estate upswing. Buyers should take note that the very short window of opportunity gives experts the impression that this is likely the last expansion and that if you want to take advantage of the tax credit, now is the time to take action.

To take the most advantage of this opportunity perhaps these suggestions will help you:

Get Updated Information From Your Realtor.

Make sure you find one that knows the rules and is an expert. You can qualify for a $6,500 tax credit if you’ve lived in your home for five consecutive years out of the last eight years. Just be aware that, even if you’re buying a new primary residence, you do not have to sell your present home immediately or ever if that’s your choice. You can also take advantage of current lower home prices and the very favorable interest rates.  They haven’t been this low for a long time.

Take the Time Look for Your New Home.

The April 30 deadline is coming sooner than you think, contact your realtor and have him/her show you what’s on the market now.  Time has a way of slipping by so don’t delay. If you are a first time buyer and were prevented from taking advantage of the $8,000 credit because of the previous income limits you should be looking to get in on this benefit as well. Here are the new income limits, $125,000 for individual filers and $225,000 for joint filers. Get your situation in order now because as the deadline approaches more and more people are going to be frantically trying to get in on this tax credit and you don’t want your paperwork, your progress to be delayed or lost in the shuffle.

It is best not to have anything delaying your progress and trust me you must stay on top of your closing checklist. You should insist that your realtor inform everyone one from lenders, inspectors, listing agents and other involved parties also stay alert and be aware that you want them to act quickly. Finally, the limit for the tax credit on new homes is now at $800,000.  Good luck and watch out for the deadline.

Stay on top of the process, keep in touch with your realtor and enjoy your new home.

New housing numbers received by South West Florida housing market news reveal SWFL Home Sales/Prices are on the upswing.

Over the past several months, the housing market in southwest Florida has shown signs of a slow recovery. Home inventory has been diminishing at ever-increasing rates and in November, home sale prices actually began to rise as well.

The Realtor Association of Greater Fort Myers and the Beach indicated that the new sales numbers look reassuring. Earlier this month the group released the following information:

Housing sales in November 2009 increased 70.5% over November 2008. There were 1,245 single family homes sold in November, bringing the 2009 total to 15,336. This compares to the 8,768 homes sold in all of 2008.

Home sales in November included 47.4 percent that were REOs and 18.9 percent that were short sales. Conventional sales were up 33.7 percent and sales pending for the month totaled 3,741 which translates to a 57.5 percent increase over last year’s numbers.

There are also 6,976 homes now in the MLS system. That total number is down from last year’s 12,106 for the same time period. November’s median price of existing homes sold in November increased 5% from $85,600 in to $89,900 in October 2009. That price is down from the 2008 median price of $105,000.

This news is full of promise for one of the hardest hit areas by the housing bubble, and it signifies that the rock bottom bargains in real estate that have been plentiful in recent months are now becoming more difficult to come by.

There is still available inventory at prices that are well below replacement cost so now is the time to purchase these income properties.

Learning about the area is the key to finding properties that will start paying off immediately.

A momentous day for Members of the Bonita Bay Club as they moved another step closer to buying the Club when the Bonita Bay Club Turnover Committee and Bonita Bay Group reached an agreement in principle for the sale of the Club valued at $12 million.

The accord includes contributions of $11.5 million from the members of the new Club and is dependent on approval by the lender, signing a formal agreement and approval by the club membership.

According to Cynthia White of the Bonita Bay Club Turnover Committee, “We are very delighted to have reached an agreement that is fair and in best interests of the members. We expect to contact all Bonita Bay Club members in the next several weeks to build on the momentum of the agreement and to gain approval of the membership.”

90 holes of championship golf are covered by the arrangement as are three Arthur Hills designed courses in the community. The deal includes the two nearby Tom Fazio golf-only courses. Other assets that are part of the purchase are two clubhouses, three practice facilities, the fitness center and the 18-court tennis and swim center.

Bonita Bay is the Group’s premier property and is the third community to achieve a settlement on club transition.

“Since the dramatic market descent of a year ago, our members have experienced some really difficult times with us and to achieve this important milestone in our restructuring plan is very gratifying”, said Brian Lucas, vice chairman of Bonita Bay Group.

On Golf Connoisseur’s 2007 list of the top 40 golf communities in America and a recipient of the nationally recognized Urban Land Institute Award for Excellence, the 2,400-acre Bonita Bay community was also included among Travel + Leisure Golf’s top 100 golf communities in America every year since 2006 and also in Links Magazine’s 2006-2009 lists of America’s Premier Properties.

Modifying the Way People purchase houses: applying the 203k Program to Purchase Dream Homes

When commuting to her job one morning in the beginning of summer, prospective home buyer Lori Kramer was recollecting about the houses she and her hubby had checked-out the day before. Then, she envisioned that it would, in all probability, alter the direction of their home hunting entirely.

My house at the time was listed for lower than the loan we were okayed for and it called for much added work. I questioned if we could utilize the remaining cash to redo a property we were looking at and make it ours, says Kramer of Jacksonville, Florida.

At that time, Kramer phoned her Wells Fargo mortgage advisor, Diana Diallo, who reassured her about the 203k program. The FHA Section 203k legislation is specifically intended to renovate and repair single-family homes. The 203k is a single mortgage loan that allows you to use the money to buy a house and make necessary repairs and improvements.

As the market place evolved and we started to come across more  troubled properties, Wells Fargo, as a company, has directed its efforts to setting up a more efficient version of the regular 203k loan, explains Diallo.

After Kramer received an approval from Wells Fargo, she conferred with her Realtor, Shawn Norton of Keller Williams Realty, because she wanted to revisit a house she and her husband had considered before; it called for a lot of work, but Kramer considered the home’s potential and in due time bought it. Afterwards, Diallo worked with Kramer on selecting a home improvement vendor. She chose Lowes, a decision Kramer looks on as one of the wisest decisions we made. Read the rest of this entry