Tag Archives: Bedford Hills Luxury Homes

Mortgage Rates Down | Bedford Hills Real Estate

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Freddie today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down slightly this week and remaining near their 2015 lows as the spring homebuying season continues.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.65 percent with an average 0.6 point for the week ending April 23, 2015, down from last week when it averaged 3.67 percent. A year ago at this time, the 30-year FRM averaged 4.33 percent.
  • 15-year FRM this week averaged 2.92 percent with an average 0.6 point, down from last week when it averaged 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.39 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week with an average 0.4 point, down from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 3.03 percent.
  • 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, down from last week when it averaged 2.46 percent. At this time last year, the 1-year ARM averaged 2.44 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Len Kiefer, deputy chief economist, Freddie Mac.

“Mortgage rates fell slightly to 3.65 percent this week, positive news for potential homebuyers in the market this spring. Purchase applications in 60 of the 100 markets that MiMitracks are up from the same time last year, including 20 markets that are showing double-digit increases. Reinforcing this positive momentum, existing home sales surged 6.1 percent to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013. Housing inventory rose 5.3 percent to 2 million homes for sale, but unsold inventory was little changed at a 4.6 month supply.”

One-of-a-Kind Cooking Spaces | Bedford Hills Real Estate

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We asked avid home cooks on Houzz to share photos of where they make their magic. In this first part of a series, learn the stories behind some of their very personal cooking spaces and what they love to whip up there.
Cooks' Kitchens Master
1. Former Cookhouse in Sequim, Washington

Cook: Laurie Gasnick
Size: 13 by 13 feet (about 3.9 by 3.9 meters), plus a 14- by 9-foot (4.2- by 2.7-meter) eating area
Wall paint: Similar to Prescott Green HC-140, by Benjamin Moore
Countertop: Blue Pearl granite and some butcher block for the counters; zinc for the island
Flooring: Fir

Cooks' Kitchens Master
Gasnick writes: “Our house was built in 1890 and originally served as a cookhouse for a logging mill. It was in pretty bad shape, but we tried to keep all the old architecture intact, including a built-in-the-wall icebox that is now the laundry room. I designed the kitchen around the 1936 stove, old sink unit and Hoosier. The old-growth fir floors are from a closed elementary school.

“The kitchen island is an old farm table for storing vegetables, and we put on the distressed zinc top, which was an arduous task. The counters are Blue Pearl with shiny flecks of silver. The backsplash [tiles above the stove] are tiles I picked up in Tunisia 30 years ago and had never thought of a use for them until now.”

More about zinc countertops

Cooks' Kitchens Master
What happens here: “My husband loves to cook, and I like to clean and bake, which makes it a good partnership. He works long hours but still has the energy to whip up a complete dinner for us, even when I think there is nothing in the house to make. I think he can make an entrée out of ketchup if need be.”
Cook's Kitchens Master
“When we renovated I realized we had no need for a formal dining room anymore. The table just collected mail. I had many fond memories of our family eating our meals around the breakfast nook, so that’s what I built, and it still keeps the flavor of the old house.

“It took 12 years to save up enough money to add an addition of a kitchen, dining room, living room and new entry hall, so I had a lot of time to imagine how I wanted it to be. Love my new/old house.” ♦︎

read more….
http://www.houzz.com/ideabooks/46317330?utm_source=Houzz&utm_campaign=u1151&utm_medium=email&utm_content=gallery0

New Loan Options Spell Opportunity for Home Buyers | Bedford Hills Real Estate

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As the country moves into year five of the re-regulated mortgage era, loan guidelines continue to become more flexible. If you’re buyingor refinancing a home, the following recent developments in expended loan options could affect you. In all cases, each lender’s guidelines will vary, so consult your loan officer to see if any of these fit your profile.

97-percent conforming loans for first-time buyers

In December, Fannie Mae and Freddie Mac rolled out 3-percent down programs targeted at first-time buyers. The loans require mortgage insurance and are capped at $417,000. But with a 3-percent down payment, that translates into a purchase price as high as $429,897.

Both Fannie and Freddie guides say the loans can be obtained with a credit score as low as 620, but each lender can layer its own guidelines on top of Fannie/Freddie guides, so you’ll need to ask your lender for its credit and other requirements.

90-percent jumbo loan with no mortgage insurance

For higher-earning home buyers who need to borrow more than the $417,000 conforming loan cap, an increasing number of jumbo lenders are adding the ability to lend 90 percent of a home’s value with loan amounts up to $1 million — and as high as $1.25 million for exceptional borrowers.

This translates into purchase price ranges of $1,111,111 to $1,388,888 with just 10 percent down and no mortgage insurance, which is a huge cost savings on larger loans. Borrowers typically must have a debt-to-income ratio of 35 percent or less, credit scores of 720 or greater, and at least 12 months cash reserves after the close. These programs are now available with most jumbo lenders.

Re-amortizing jumbo loans

Some large banks who keep their jumbo loans — instead of selling the loans after they close — have begun offering a re-amortization feature on jumbo loans over $417,000. Re-amortization means that your payment will decrease as you pay your loan down.

Depending on the lender, a loan balance pay-down from $5,000 to $20,000 will trigger a payment recalculation. This feature enables higher earners to lower their monthly budget as they chip away at their loan balance using extra income like bonuses or stock compensation. Previously, the only way to lower your payment as you paid your loan down was to use an interest-only loan, but those loans carry higher rates.

 

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http://www.zillow.com/blog/new-loan-options-spell-opportunity-169602/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

Mortgage Rates keep dropping | Bedford Hills Real Estate

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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates, after ticking-up slightly last week, reversing course and falling amid weaker than expected housing and economic data. Fixed-rate mortgages rates are once again back near their May 23, 2013 lows.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.7 point for the week ending February 5, 2015, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 4.32 percent.
  • 15-year FRM this week averaged 2.92 percent with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.40 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week with an average 0.4 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 3.12 percent.
  • 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.4 point, up from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.55 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Len Kiefer, deputy chief economist, Freddie Mac.

“Mortgage rates fell this week following the release of weaker than expected pending home sales, which fell 3.7 percent in December. Moreover, real GDP growth for the fourth quarter was 2.6 percent and the Institute for Supply Management reported slower growth in manufacturing last month, both missing market consensus forecasts.”

South Beach Nightclub King Lists House With Astroturf Yard | Bedford Hills Real Estate

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Opium Group Managing Partner Roman Jones, don of Mokai, SET, Cameo, and, and Mansion, has listed his own historic mansion (ha ha ha) at 6222 Alton Roadfor $3.895 Million. Although the mediterranean manse was built in 1934, and looks like it was originally a very classy, classic edifice, it’s seen some serious updating and nightclub-ifying, including luxe features like ipe wood, vaulted ceilings, and vertical wood thingies in the staircase.

The listing says “this house is meant to be lived in”, and boy do they mean it. The bed room, err the ‘boom boom room’, has a big bed, durable floors, and plenty of (reinforced?) ceiling space for all those hanging contraptions that are so much fun. A dance floor-sized tiki hut flanks an astroturf backyard (no mowing needed here). Just hose the place down and let the party rage on.

 

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http://miami.curbed.com/archives/2015/01/20/opium-group-manager-lists-house-with-astroturf-yard.php

Mortgage Rates Remain Near 2014 Lows | Bedford Hills Real Estate

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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates edging slightly higher while remaining near their 2014 lows amid mixed housing and economic news.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.83 percent with an average 0.6 point for the week ending December 24, 2014, up from last week when it averaged 3.80 percent. A year ago at this time, the 30-year FRM averaged 4.48 percent.
  • 15-year FRM this week averaged 3.10 percent with an average 0.6 point, up from last week when it averaged 3.09 percent. A year ago at this time, the 15-year FRM averaged 3.52 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. A year ago, the 5-year ARM averaged 3.00 percent.
  • 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.4 point, up from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.56 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were up slightly, following a week of mixed economic releases. Existing home sales were down 6.1 percent in November to annual rate of 4.93 million units, below economists’ expectations. New home sales fell 1.6 percent last month to an annual rate of 438,000, also below expectations. Meanwhile, the third quarter real GDP was revised sharply higher to 5.0 percent according to the final estimate released by the Bureau of Economic Analysis.”