From my Facebook news feed to Haris's north of Chicago real estate and other stuff blog.
Freddie Mac (OTC: FMCC) released today the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates, fixed and adjustable, reaching all-time record lows providing further incentive for those homeowners looking to refinance. The 30-year fixed averaged 4.15 percent, breaking the previous record low of 4.17 percent set November 11, 2010.
30-year fixed-rate mortgage (FRM) averaged 4.15 percent with an average 0.7 point for the week ending August 18, 2011, down from last week when it averaged 4.32 percent. Last year at this time, the 30-year FRM averaged 4.42 percent.
15-year FRM this week averaged 3.36 percent with an average 0.6 point, down from last week when it averaged 3.50 percent. A year ago at this time, the 15-year FRM averaged 3.90 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08 percent this week, with an average 0.5 point, down from last week when it averaged 3.13 percent. A year ago, the 5-year ARM averaged 3.56 percent.
A quick look to IAR news release.
According to the Illinois Association of REALTORS® (IAR) latest report, statewide home sales (including single family and condominiums) in July 2011 totaled 9,708 homes sold, up 18.4 percent from 8,197 home sales in July 2010. The statewide median price in July was $153,000, down 3.8 percent from $159,000 in July 2010. The median is a typical market price where half the homes sold for more, half sold for less.
“The market, like the economy, continues to struggle even though interest rates and prices would appear to suggest favorable conditions for housing purchases,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “It would seem that until the economy signals a clear rebound—with sustained employment growth of the order of 200,000 jobs added per month—can we expect to see a sustained uptick in housing sales and some modest recovery in prices. Since April, the unemployment rate has not shown any definitive movement.”
If you are looking to buy or sell a home in Glenview, Northboork, Morton Grove, Niles, Mount Prospect, Skokie or other surrounding towns, I can be a reliable source for you.