Mortgage rates have been continuing to drop and are now currently at a historic low! 30 year fixed mortgage rates are at their lowest point dating back as long as this historical data tracking has been kept. If you are looking to buy, now might be the time! It could also be a great time to refinance if you already own. Contact local mortgage broker, O’Dette Mortgage Group to see how they can help you with your lending needs today!

This chart shows the national average for mortgage rates from 1963-2010.

Here is a rate sheet showing current mortgage rates. Click on the image to see a full version.

What is happening with the real estate market internationally? One of our affiliate companies, Mayfair International Realty (based out of London, England) has recently put out this interesting article entitled “Netting a Winner.” The article was written by Nick Churton and discusses the international property market after the busy spring season.

For a few weeks this summer the English turned their attention from one national obsession and concentrated on another.  During the soccer World Cup most eyes were on the English national side. Until that is they failed dismally and didn’t even make the quarter finals.

In the US, soccer does not generate the fervour that it does in England.  But it might do soon.  If the forecasts are correct every state in the union will have a population with a Latino majority by about 2045.  If the English are considered football crazy then those from the Latin countries are even crazier.  They have all that same enthusiasm but without any of the British reserve.  This time England managed a draw with the US team.  In World Cups to follow they may not be so fortunate.

So, with England out of the World Cup, attention, once again, was focused back to another national obsession – real estate. (more…)

Sometimes real estate agents have to get creative with the adjectives they use to describe properties. The terms can sometimes be misleading as some less than positive features are made out to be more desirable. Below is a list of funny real estate terms with a translation of what the adjective really means! This list was taken from Loren Keim’s book – “Life Lessons…From the Back Seat of My Car.”

• Cozy – One of my favorite terms.  It means the home is too small for human habitation.  Remember the 19th Century when a family of six could live in a single room home?  This is the home for them.
• Intimate – The only home smaller than ‘cozy.’  These homes are perfect if you’re roughly the size of a garden gnome.
• Charming – If you’re used to living without indoor plumbing, this home is perfect for you.  It comes complete with old woodwork, wide molding, and kitchen cabinets that date before the Great Depression.  The cobwebs are an added bonus.
• Conveniently Located – It is located at a busy intersection, where the traffic noise is so heavy, you’ll have to sleep with ear plugs.  (more…)

We are starting to see more activity with upper end home sales! The luxury real estate market has been a bit slow but recently seems to be picking up. For our area, 26 single family homes over $1 million have sold so far this year. 5 homes sold for over $2 million. This is an improvement from last year with only 19 single family homes selling for the same dates (January 1-April 30, 2009).

Below is an interesting article with more details about recent activity in the high end market. The improvement in the luxury market is encouraging! Good news for sellers – this part of the market is starting to see more activity. But the property must be priced to sell. Buyers, now might be the time to enter this market either as a homeowner or as an investor!

"...and here comes the Luxury Market!"

In this horserace to a more normalized housing market, there seemed to be only one constant. The luxury market has been the horse bringing up the rear. We have been experiencing some stability in the lower price points in almost every geographic market. However, the upper tier price points have had an overabundance of inventory for more than three years, and financing has been difficult. This had led to a nearly non-existent market for luxury properties.

However, it now seems that upper end properties are again becoming popular with the high worth purchaser. We have already reported on two major surveys of high-net-worth-individuals in a previous post, Damn the Data! I’m Buying a House. Both surveys showed that the wealthy buyer was ready to re-enter the real estate market. (more…)

The Wall Street Journal recently put out an interesting article entitled Nabbing a Mortgage Before Rates Rise. The article is about the history of interest rates and what is expected to happen in the future. According to this source, rates are at a historical low but expected to rise by the end of the year (maybe to 6%). The article also states that since tax credits are expected to expire at the end of April 2010 which may add to the sense of urgency for home buyers.

The graph pictured below shows a history of mortgage rates for 30-year fixed mortgages including a forecast for 2010.

To read the entire article at the Wall Street Journal online click here.