Tag Archives: Bedford NY Luxury Homes for Sale

Fixed mortgage rates hit highest level since mid-January | Bedford Real Estate

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Mortgage rates are quiet from last week and relatively unchanged, Freddie Mac said in its latest Primary Mortgage Market Survey.

The average 30-year, fixed-rate mortgage averaged 4.41% for the week ending April 3, slightly up from 4.40% a week ago, but drastically up from 3.54% a year earlier.

Furthermore, the 15-year, FRM also ticked up to 3.47%, a marginal increase from last week’s 3.42%, but up from 2.74% for the same period in 2013.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.12% this week, barely up from 3.10% a week prior, and up from 2.65% a year ago.

The 1-year Treasury-indexed ARM came in at 2.45% this week, rising from 2.44% last week and 2.63% for the same period a year ago.

“Mortgage rates were little changed amid a week of light economic reports. Of the few releases, real GDP was revised up slightly to 2.6 percent growth in the fourth quarter of 2013,” said Frank Nothaft, vice president and chief economist with Freddie Mac.

“The private sector added an estimated 191,000 jobs in March, which followed an upward revision of 39,000 jobs in February according to the ADP Research Institute. Also, the Institute for Supply Management reported the manufacturing industry rebounded from a soft February but was still below market consensus,” Nothaft continued.

Additionally, Bankrate noted that mortgage rates increased for the second consecutive week in a row.

 

 

http://www.housingwire.com/articles/29548-fixed-mortgage-rates-hit-highest-level-since-mid-january

 

Mortgage rates increase as the 10-year bond sells off | Bedford NY Real Estate

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Mortgage rates are the lifeblood of the housing market, which is why Bernanke and the Fed began conducting quantitative easing (or QE) in the first place. Lower rates allow homeowners to refinance, which increases their disposable income and helps stimulate economic growth. Lower rates enable first-time homebuyers to move out of an apartment and into a house, which means higher consumption (and good things for home improvement retailers like Home Depot and Lowe’s). Consumption accounts for some 70% of the U.S. economy, and consumption has been depressed since the housing bubble burst. The Federal Reserve would prefer to keep rates as low as possible for as long as possible.

 

Mortgage rates rise as the ten-year bond sells off

The average 30-year fixed-rate mortgage rose 11 basis points as the ten-year yield rose 9 basis points, and TBAs rallied. With the refinance boom over, originators are overstaffed and cutting prices to drive business. We’ve seen a number of small originators go out of business, as they found themselves unable to compete in a purchase-driven mortgage market. The purchase market is fundamentally different from the refinance market in that it’s driven by relationships and not price. Last week, we heard from the biggest banks in the mortgage business, and every one reported drops in origination activity of 30% to 40%. Margins are getting squeezed as bankers compete for business.

The confirmation of Mel Watt as FHFA Chairman might give originators a break, as he’s expected to endorse further government homeowner assistance, which could mean an extension of HARP (Home Affordable Refinance Program) eligibility dates. This could trigger a new refinance boom.

Recently, the FHFA issued new loan level pricing adjustments for conforming loans. Loans with FICO scores above 680 and loan-to-value ratios above 80% will see higher rates. Not only that, but the FHFA also increased the guarantee fee for conforming loans by 10 basis points. Mel Watt put these increases on hold.

 

http://finance.yahoo.com/news/mortgage-rates-increase-10-bond-170020962.html

Warnings about ban on dual agency in FHA short sales can be safely ignored | Bedford Real Estate

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Some servicers, including Bank of America, have been telling some Realtors that dual agency is not allowed in FHA short sales, but that is not correct, the National Association of Realtors warned today.

The U.S. Department of Housing and Urban Development (HUD), of which FHA is a part, issued a letter to mortgage servicers in July outlining a number of new anti-fraud requirements for short sales and deeds-in-lieu of foreclosure, including a policy that ”brokers and their agents may only represent the buyer or the seller, but not both parties.”

The policy was to take effect on Oct. 1, but in September, HUD postponed the policy after receiving a letter from NAR saying the ban on dual agency could make it harder for the government to get top dollar on short sales if some brokerages decided not to represent sellers in FHA short sales because they would not want to restrict their agents from representing buyers of those properties.

– See more at: http://www.inman.com/wire/nar-warns-members-not-to-heed-claims-of-ban-on-dual-agency-in-fha-short-sales/?utm_source=20140317&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.PyrAk6d2.dpuf

Bedford Schools Make More Cuts To Keep Budget Under Tax Cap | Bedford Real Estate

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Bedford residents would see a 2.99 percent drop in their property tax bill under the 2014-2015 Bedford Central School District preliminary budget, while residents from Pound Ridge, New Castle and North Castle will see an increase.

The tax rate would drop in Bedford to $134.29 per $1,000 of assessed value. It would increase in:

  • Mount Kisco by 5.75 percent to $73.45 per $1,000 of assessed value
  • Pound Ridge by 4.31 percent to $83.89 per $1,000 of assessed value
  • New Castle by 8.86 percent to $73.03 per $1,000 of assessed value
  • North Castle by 7.84 percent to $650.47 per $1,000 of assessed value

While no major programs were cut in the $123.5 million budget, School Superintendent Jere Hochman said this will be the last year he will be able to say that.

“In spite of negotiations with all unions which resulted in a significantly reduced trajectory of salary and benefit increases (reduced to 3 percent), the board’s use of reserves ($3 million), and previous year’s cuts and efficiencies, this budget includes over $2 million in cuts and some changes in service expectations,” he said.

 

http://mtkisco.dailyvoice.com/news/bedford-schools-make-more-cuts-keep-budget-under-tax-cap