Green. Gold. Sold.

Housing Market Update!
April 24, 2015

As of April 23rd, Freddie Mac reports the National average 30 year fixed mortgage rate is at 3.65%.  This is with a buyer paying .6 in points and or fees to the lender to obtain this rate.  I am not a fan of paying points to buy the rate lower as the financial breakeven is usually longer than the average time a Family will keep the Home.  Radian, a National Mortgage Insurance Company is now offering an industry first -Jobloss insurance.  The new program will pay borrowers’ mortgage if they lose their job.  The Dow is down, and if you have been reading my updates, what does that usually mean?  You guessed it, Bonds are up.  This will alleviate the upward pressure rates have felt the last 3 trading days.  With New loan products like 3% down and no monthly Mortgage insurance, FHA lowering their monthly Mortgage Insurance and the rates holding their levels the market is picking up quickly. 

Have a great weekend and call me if you need anything!

For more information contact Nick Russo at Towne Mortgage - Your Hometown Mortgage Lender! 

Nick Russo
Vice President, Towne Mortgage - Your Hometown Mortgage Lender 

NMLS Company ID # 91904
NMLS#   119202
600 22nd Street, Suite 302
Virginia Beach, VA 23451
Phone:  757-241-0858
Fax: 1-866-416-5635

#realestate #mortgage#marketupdate #housingmarket  

Beat the market before the market beats you.
February 27, 2015

Here is a little snow day info I thought I would share with you.  The Federal House finance Agency reported house prices rose 1.4% in the fourth quarter of 2014 and rose 4.9% from the fourth quarter of 2013 to the fourth quarter of 2014.  Wait a minute.  I can buy a home, pay less than 4% in rate, write off the Mortgage Interest and with appreciation earn an almost 2%? 

Considering a rate of 3.875% the estimated impact after the Interest Tax deduction is about 2.95% (3.875% less .25% = 2.95%, using a 25% tax bracket).  If you are paying about 2.95% after your tax deduction and earning an average 4.9% in value your net asset growth is 1.95%.  On a $250,000 home you would average $4,875 net worth increase annually.  This is a net worth growth of $406 monthly.  Many of us invest in deferred compensation plans, 401k’s, IRS’s, savings plans and 529 plans and these are all great ideas but only if you already own a Home!!

Beat the market before the market beats you.

For more information contact Nick Russo at Towne Mortgage - Your Hometown Mortgage Lender! 

#realestate #mortgage#marketupdate #housingmarket  

Snow Day Market Update!
February 19, 2015

Bonds trade in the green today giving us some relief to the 11 days of downward trend.  Remember bonds down = rates up.  I have mentioned several times in the past the risk of rates increasing and that risk is no longer a risk but a reality.  Rates have increased an estimated .25% in these 11 trading days.  Sometimes he greatest risk is the risk of the unknown.  Where will rates end up this year?  Finding a new home and locking in a known rate prevents this unknown risk.  The Fed minutes were released today, the economy shows improvement, employment reports are beating expectations and the stock market is setting new records.  Is this a sign of things to come?  A recovering economy pulls rates up with it!  Beat the unknown!

Have a great freezerama day!

For more information contact Nick Russo at Towne Mortgage - Your Hometown Mortgage Lender! 

#realestate #mortgage#marketupdate #housingmarket  

Everything you read about rates last week is wrong- EXCEPT THIS!
February 9, 2015

OK, so last and every week on Thursday’s Freddie Mac releases information about Mortgage Rates.  Following this release, headline all over the country jump on board and share this information.  Last week’s information included a bunch of info on rates hitting 20 months low’s etc…  The problem is all this information in now WRONG!  Why?  The data itself was correct at the time of release but in the mortgage world rates are real time and constantly change with market volatility.  As we sat down to Friday’s and Saturday’s news it included information that was a weekly review of rates and Not a real time review.  Did it include the fact Friday’s market traded in a range that could have caused a client getting a $275,000 mortgage to spend $0 in discount points or a few hours later spend $2062.50 in discount points to obtain for this same rate?  Rates are still absolutely amazing but understand there is volatility and you must have a market trend expert to obtain the right advice on when to lock and when to float because being wrong will cost you!

For more information contact Nick Russo at Towne Mortgage - Your Hometown Mortgage Lender! 

#realestate #mortgage#marketupdate #housingmarket  

February 3, 2015

VIRGINIA BEACH, VA- William E .Wood and Associates New Homes Division is pleased to represent Classic Design Builders and McQ Builders at Viridian Reserve at Hickory.  One of Chesapeake's newest and most environmentally friendly communities that will consist of 165 single family homes.  Viridian Reserve is located in the Hickory section of the City.  It's residents will enjoy an unprecedented 28 acres of preserved open space that encompass 4 man-made lakes and the Frank V. Cogliandro memorial neighborhood park and supports the resurgence of the highly endangered long leaved pine. 

The community will give residents unprecedented technology as Cox Communications will offer the latest fiber cable technology capable of downloading files at a gigabit per second.  The gigabit service will allow download speeds almost seven times faster than Cox's highest speed, called Internet Ultimate, which can download files at 150 megabits per second. One gigabit is equal to 1,000 megabits.

The gig speed can download 100 song files in three seconds, for example, while the Ultimate speed takes about 20 seconds for the same number of songs.  This technology will allow residents who want to stream video, play games or move large files quickly, to do so faster than anyone (at the moment) in Hampton Roads while offering Viridian residents a network for the future.

#RealEstate #Chesapeake #Virginia #HamptonRoads