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      Blog :: 01-2017

      Today's Interest Rates Slowly Decline!

      Today's mortgage information by a trusted associate.  Give Matt a call for all of your mortgage questions or needs!

      Mortgage interest rates have pulled back a bit from their recent December highs.  Although the decline is welcome relief most economists do not expect rates to fall back to levels seen before last November. As of today, the top-tier interest rate for a loan up to $417,000 with zero points for a 30 year fixed rate is at 3.875%. The 15 year fixed is at 3.125%.

      Back Bay Mortgage Brokers has many additional loan options and terms available including low down payment, FHA, VA, Jumbo, and non-warrant-able condominium investor programs. Please contact me anytime for a consultation.

       Matthew Horan, 

      President - Back Bay Mortgage Brokers

      617-213-0086

       

      Interest Rates

      Loan amounts up to $424,100*   

       

      3.875% - 30 Year fixed 0 points APR 3.879%

      4.000% - 30 Year  Year fixed No Costs**  APR 4.000%

      3.125% - 15 Year Fixed 0 points, APR 3.129%

      3.250% - 30 Year  Year fixed No Costs**  PR 3.250%

      Loan amounts up to $598,000*

       

      4.125% - 30 Year fixed 0 points APR 4.127%

       

      4.250% - 30 Year  Year fixed No Costs**  APR 4.250%

       

      3.375% - 15 Year Fixed 0 points, APR 3.377%

       

      3.500% - 30 Year  Year fixed No Costs**  PR 3.500%


      Jumbo Mortgages over $598,000

      4.250% - 30 Year fixed rate , APR 4.256%

      4.375% - 30 Year fixed No Costs**, APR 4.500%

      3.500% - 7/1 Adjustable rate  APR 3.503% 

       Rates as of 12/19/2016 and are subject to change

      We arrange but do not make mortgages.

      * Annual Percentage Rate (APR) based on a 20% down payment or equity for a single family, owner-occupied primary residence for a $417,000 loan amount, or 20% down payment for a $1,000,000 loan amount.  Subject to credit approval and income qualification. Rates are subject to change. **Based on a minimum loan amount of $350,000. 75% loan- to-value,and excellent credit.

      If Your Home Hasn't Sold Yet? Check the Price!

      The residential housing market has been hot. Home sales have bounced back solidly and are now at their second highest pace since February 2007. Demand has remained strong throughout the winter as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house?

      If your house hasn’t sold, it is probably because of the price.

      If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. See chart below.

      If Your Home Hasn’t Sold Yet… Check the Price! | MyKCM

      Bottom Line

      The housing market is hot. If you are not seeing the results you want, sit down with your agent and revisit the pricing conversation.

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      Millionaire to Millennials: Buy a Home!!

      Last week, CNBC ran an article quoting self-made millionaire David Bach explaining that not purchasing a home is "the single biggest mistake millennials are making" because buying real estate is "an escalator to wealth.”

      Bach went on to explain:

      "If millennials don't buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter."

      In his bestselling book, “The Automatic Millionaire,” Bach does the math:

      "As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!"

      Who is David Bach?

      Bach is a self-made millionaire who has written nine consecutive New York Times bestsellers. His book, “The Automatic Millionaire,”spent 31 weeks on the New York Times bestseller list. He is one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists.

      He has been a contributor to NBC’s Today Show appearing more than 100 times, has been a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS, and has been profiled in many major publications, including The New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, The Washington Post, The Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes.

      Bottom Line

      Whenever a well-respected millionaire gives investment advice, people usually clamor to hear it. This millionaire gave simple advice – if you don’t yet live in your own home, go buy one.

      Start 2017 Off Right? List Your House for Sale

      Start 2017 Off Right… List Your House for Sale | MyKCM

      As we are about to bring in the New Year, families across the country will be deciding if this is the year that they will sell their current house and move into their dream home. Many will decide that it is smarter to wait until the spring “buyer’s market” to list their house. In the past, that might have made sense. However, this winter is not like recent years.

      The recent jump in mortgage rates has forced buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

      Here is a chart showing the decrease in inventory levels by category:

      Start 2017 Off Right… List Your House for Sale | MyKCM

      Bottom Line

      Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2017, now may be the time.

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