Mortgage Rate Remain Steady

The 30-year fixed mortgage rate held steady at 6.73% last week, which Freddie Mac chief economist Frank Nothaft attributes to recent economic data failing to have any impact on inflation forecasts. The five-year adjustable Nashville mortgage rate also stayed firm, averaging 6.35%. The 15-year fixed mortgage rate slipped a notch to 6.38% from 6.39%, while the one-year adjustable rate bumped up to 5.72% from 5.71%. The 30-year fixed rate was 6.80% at this time last year, while the 15-year rate stood at 6.41% and the five-year and one-year adjustable rates at 6.36% and 5.80%, respectively.

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Mortgage Rates Rise After 3 Weeks of Decline

Freddie Mac reported an increase in the 30-year fixed mortgage rate to 6.73% on Friday from 6.63% a week earlier, with chief economist Frank Nothaft expecting the benchmark to remain at or near this level for the remainder of the year.

The 15-year Nashville mortgage rate edged up to 6.39% from 6.3% over the same time span, and the five-year adjustable mortgage rate climbed to 6.35% from 6.29%. Meanwhile, interest on one-year ARMs held steady at 5.71%. Nothaft attributes the jump in borrowing costs to a positive June jobs report and a jump in consumer credit in May.

Remember, when buying or selling Middle Tennessee or Nashville Real Estate , trust The Cindy Jasper HummerHomes Team! We specialize in Belle Meade Real Estate , Brentwood Real Estate , Cool Springs Real Estate , Franklin Real Estate , Green Hills Real Estate , and of course Nashville . We have been assisting clients buy property in Middle Tennessee for over 12 years. With well over $120,000,000 in closed sales, it is a testament to our integrity, professionalism, and dedication to our clients.

Mortage Rates Drop for Third Week in a Row

Freddie Mac's Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.62% with an average 0.4 point for the week ending July 3, 2007, down from the previous week when it averaged 6.67%. Last year at this time, the 30-year FRM averaged 6.79%. With the Nashville real estate market turning from a seller's market to a buyer's market, this might be the perfect time to buy.

The 15-year FRM on Friday averaged 6.30% with an average 0.4 point, down from the prior week when it averaged 6.34%. A year ago, the 15-year FRM averaged 6.44%.

If you believe that mortgage rates still have room to drop, you may want to consider a rental home in Nashville. The HummerHomes Team operates Nashville's only property management firm and we are committed to helping our clients find the best housing possible.

Pending Home Sales UP in the SouthEastern US

The pending home sales in June increased from the previous month in all four major regions, according to the National Association of REALTORS' Pending Home Sales Index (PHSI).

The PHSI in the South increased 4.7% to 111.6 but was 12.7% below June 2006.
* The 5% monthly gain is the largest since March 2004's 6.1% increase

"However, it is too early to say if home sales have already passed bottom," said Lawrence Yun, NAR senior economist. "Still, major declines in home sales are likely to have occurred already, and further declines, if any, are likely to be modest given the accumulating pent-up demand."

In such a transitional real estate market, it is very good to see such a large turn around. In retrospect, some of March's decline in sales was due to sellers speculating on the market by placing homes on the real estate market at unrealistic prices. Local Realtors added to that decline by advising purchase clients to wait a few months for the market to cool.

However, downtown Nashville condos and lofts seem to be unaffected by this cyclical real estate market. The new construction market has more than doubled in the past 2 years and sees no end to the sales and price accession. This Realtor does caution you to be discerning in your choices though, only purchase units with great floor plans, views, and great prices.

If you are a real estate investor, you should be in contact with our agents who specialize in Nashville commercial property. We constantly look for unlisted retail store fronts, medical office buildings, high cap rate shopping centers, and vacant land.