Brought to you by Weichert Financial Services
This Week’s Mortgage News
The National Association of Realtors’ 2015 National Housing Pulse Survey was released this week. The survey, which measures consumers’ attitudes and concerns about housing issues in the nation’s 50 largest metropolitan statistical areas, found that a vast majority of Americans believe that buying a home is a solid financial decision, and most believe they could sell their home for at least its initial purchase price.
Additionally, the survey identified the top reasons Americans say they want to own a home. The three most frequently mentioned reasons are the opportunity to build equity, the desire for a stable and safe environment, and the freedom to choose their neighborhood.
Since the last survey was conducted in 2013, more renters are thinking about purchasing a home. While 39 percent of renters said they are currently thinking about buying a house, 61 percent of renters stated that owning a home is a priority for their future.
Weichert sales associates and Gold Services Managers are available to help consumers in all aspects of purchasing a home.
Industry Trends
WFS Jumbo rate – 5/5 ARM: 3.00%
Other WFS rates – Check with your GSM for current rates.
Refi Index – (-23.0%)
Purchase Index – (-34.0%)
NAHB Builder Confidence – 62 (+1 pt.)
Existing Home Sales – 5,310,000 (-4.8%)
New Home Sales – 552,000 (+5.7%)
Pending Home Sales – 109.4 (-1.4%)
Housing Starts – 1,126,000 (-3.0%)
Building Permits – 1,170,000 (+3.5%)
(As of Oct. 15, 2015)
The Fine Print
For loan amounts up to $4 million, monthly mortgage payments quoted are to qualified buyers. As an example, a $500,000 conventional 5/5 ARM with a 30-year term at 3.00% with 0 points (A.P.R. 3.515%) and with financing fees of $2491.43 would mean 60 monthly principal and interest payments of $2108.03. Your interest rate will be based upon an Index equal to the average weekly yield on United States Treasury securities adjusted to a constant maturity of one year, as provided by the Federal Reserve Board, 45 days before each adjustment date as published in the Wall Street Journal plus a 2.00% margin. Your interest rate and payment can change every 5 years, beginning in the 61st month. At the first interest adjustment, your interest rate cannot increase or decrease by more than 2 percentage points. At each subsequent interest rate adjustment, your interest rate cannot increase or decrease more than 2 percentage points. Your interest rate cannot increase more than 5 percentage points over the term of the loan. These are your “caps”. At no time will the interest rate be less than the margin. Figures used herein are approximate and do not include property taxes, condo/association fees, or hazard insurance and the actual payments will be higher. Subject to underwriting (credit) approval. Consult with our licensed Gold Services Manager for terms and conditions. Available in all counties and all our licensed states. Primary and 2nd homes only. Closing costs may vary. Company NMLS # 2731. Mortgage Access Corp. d/b/a Weichert Financial Services. For additional disclaimer information, click here.
