Mike Kibler Hamilton Real Estate

30-Year Mortgage Rates Drop

Mike Kibler — Tue, 27 May 2008 20:28:00 GMT

After four weeks in an upward trajectory, Freddie Mac reports that long-term mortgage rates are falling again.

The average interest on a 30-year fixed loan settled at 5.98 percent this week, down 0.03 percent from the prior week. Rates on 15-year fixed mortgages, meanwhile, slipped 0.5 percent for the week to an average of 5.55 percent.

Borrowing costs drifted slightly higher, however, on adjustable-rate products.

Five-year ARMs bumped up 0.04 percent to 5.61 percent, while one-year ARMs moved up 0.06 percent to 5.24 percent.

Source: Chicago Sun-Times (05/23/08)

Crazy Weather

Mike Kibler — Wed, 21 May 2008 18:34:00 GMT

We have been having some strange weather the past few days. Last weekend it was close to 90 and was iit n the 80's Monday and Tuesday. Today's high is to be in the 50's. The unseasonally warm weather is nice, but it rapidly melts the snow pack. The snow pack in the Bitterroot Mountains this year was at 159% of normal with very high water content. We can certainly use the moisture down here on the valley floor, but not all at once. The hot days melting the snow has caused the streams and the river to rise. Some minor flooding, but nothing major at this point. Hopefully the cooler weather will slow down the melt. It's nice to have all the snow, if we could only get a more even, steady melt.

30-Year Mortgages Edge Down Slightly

Mike Kibler — Mon, 12 May 2008 20:34:00 GMT

Freddie Mac Chief Economist Frank Nothaft says the housing slump, along with rising mortgage delinquencies and foreclosures, has taken a toll on homeownership rates and prevented significant movement in mortgage rates during the week ended May 8.

The 30-year fixed rate slipped to 6.05 percent from 6.06 percent a week ago, while the 15-year fixed rate bumped up to 5.60 percent from 5.59 percent. Over the same period, the five-year adjustable mortgage rate fell to 5.67 percent from 5.73 percent; and the one-year ARM held steady at 5.29 percent.

Nothaft cites a report from the U.S. Census Bureau that indicates a decline in the national homeownership rate to 67.8 percent in the 2008 first quarter from 69 percent in the 2006 third quarter.

Source: Northwest Indiana Times (05/09/08), Martin Crutsinger

Little Change in Mortgage Rates

Mike Kibler — Mon, 05 May 2008 19:15:00 GMT

Long-term mortgage rates saw little change over the past week, according to Freddie Mac. Interest on 30-year fixed loans came in at 6.06 percent, compared with 6.03 percent for the previous week.

Other rates registered some movement, but not much, with the 15-year fixed mortgage averaging 5.59 percent, down slightly from 5.62 percent a week earlier. The five-year hybrid adjustable rate floated up to 5.73 percent from 5.68 percent over the same period.The one-year ARM, meanwhile, held steady at 5.29 percent.

Source: Wall Street Journal (05/02/08)

Fannie Mae Raises Credit Standards

Mike Kibler — Wed, 09 Apr 2008 16:35:00 GMT

Fannie Mae has tightened standards for the home mortgages it guarantees or buys.

The government-sponsored provider of home loan funding told lenders Monday it will require a minimum credit score of 580 for most loans it buys on an individual basis. Credit scores range from 300 to 850. In the past, Fannie had no minimum score.

Fannie also told lenders it will increase the period needed for borrowers to re-establish credit history after a foreclosure from four years to five. Fannie said it would allow shorter recovery periods for borrowers with "documented extenuating circumstances" that caused the foreclosure.

In a separate memorandum, Fannie told loan services last week that it could extend forbearance periods on delinquent borrowers to as long as six months to allow borrowers time to find an alternative to foreclosure.

Source: The Wall Street Journal, James R. Hagerty (04/02/08)

Home Buying and Selling Guides

Mike Kibler — Fri, 28 Mar 2008 16:28:00 GMT

There are a number of excellent guides available for puchase at www.realtor.org . The NAR Guide to Home Buying and The NAR Guide to Home Selling, just to name a few. Just click on the Store tab at the top of the page.

Spring in the valley?

Mike Kibler — Thu, 27 Mar 2008 17:33:00 GMT

Well, yes spring is offically here, but last night we got a dusting of snow in the valley. Maybe an inch at the most. It has already melted. The good news is that they were calling for 6 - 8 inches in the mountains. The snow pack this winter has been great. Hopefully we will get an even melt this summer. That will be great for us that irrigate and hopefully it will also reduce the fire risk.

Lot / Land For Sale in Corvallis

Mike Kibler — Thu, 27 Mar 2008 17:16:00 GMT

• lot / land - MLS® $415,000

Corvallis, Ravalli County - 39.39 acres on Corvallis East Side. Spectacular views of the Bitterroot Valley and the Bitterroot Mountains. Borders 270+ acres of state land on two sides. Great building sites, mature pines and cultivated grass. Wildlife abounds, deer, elk, birds... This property offers privacy and seclusion, yet it has county road frontage and is only minutes from Corvallis & Hamilton.

Property information

Mortgage Rates Drop This Week

Mike Kibler — Fri, 07 Mar 2008 19:36:00 GMT

Freddie Mac says the 30-year fixed mortgage rate fell to 6.03 percent during the week ended March 6, from 6.24 percent the prior week.

Interest on 15-year, fixed-rate mortgages also declined, falling to 5.47 percent from 5.72 percent over the same period.

The five-year adjustable mortgage rate dipped to 5.34 percent from 5.43 percent, while the one-year ARM dropped to 4.94 percent from 5.11 percent.

Freddie Mac chief economist Frank Nothaft attributes the decrease in mortgage rates to reports of weakness in the job market, manufacturing sector, and consumer confidence.

Source: San Diego Union-Tribune (03/07/08)

We've moved!

Mike Kibler — Tue, 04 Mar 2008 20:12:00 GMT

We've moved our office from 248 W Main Street to 1230 North First Street, across from K-mart. Stop in and see me. Plenty of easy parking!

Capital Gains and Your Home Sale

Mike Kibler — Tue, 26 Feb 2008 17:56:00 GMT

Too many people worry that they will have to pay Uncle Sam when they sell the ir homes. But since the rules changed in 1997, it has been one of the best tax breaks around.

Click here to read more..Capital Gains and Your Home Sale

30-Year Mortgage Rates Climb

Mike Kibler — Mon, 18 Feb 2008 17:51:00 GMT

Freddie Mac reports a jump in the 30-year fixed mortgage rate to 5.72 percent during the week ended Feb. 14, from 5.67 percent the prior week.

Interest on 15-year fixed loans, meanwhile, climbed to 5.25 percent from 5.15 percent over the same period.

Rates dropped, however, for five-year adjustable mortgages to 5.19 percent from 5.21 percent; while the one-year ARM held steady at 5.03 percent.

Freddie Mac chief economist Frank Nothaft says economic uncertainty is responsible for the movement in mortgage rates, noting that some borrowers are finding it difficult to obtain mortgages due to stricter credit standards.

Source: San Jose Mercury News, Martin Crutsinger (Calif.) (02/15/08)

Homes Features That Are Big Buyer Turnoffs

Mike Kibler — Wed, 13 Feb 2008 21:06:00 GMT

Old homes can be quaint, but there’s a difference between old and outdated. Unless home owners periodically invest in

upgrades, their homes will fall so far below the standards of current buyers that they become obsolete and hard to sell. What’s

obsolete? Here’s a list of relics, many of them courtesy of Nick Kuhn, an associate with McEnearney Associates in Washington

DC.

 A house with only one full bathroom. Even a house with one full bath and a toilet/sink powder room is going to turn buyers off.

 A house without air conditioning.

 Electrical systems protected by a fuse box instead of a circuit breaker.

 Spiral staircases. They’re relatively rare, and for good reason — they're often unsafe.

 Basements with only an outside entrance. Home owners expect convenient access to that valuable space.

 Ceilings that look like they’ve been stuccoed, dropped ceilings with fluorescent lights, and dark beams cutting across the ceiling.

 The split-level floor plan. Want to go from kitchen to family room? Go down half a flight of stairs. From living room to bedroom? Up half

a flight. Most folks would rather not. Source: The Washington Post, Elizabeth Razzi (12/02/07)

Three tax laws enacted in December promise help for homeowners.

Mike Kibler — Tue, 12 Feb 2008 18:54:00 GMT

Read more...New Tax Breaks a Relief to Homewoners --

Mortgage Demand Reaches 4-Year High

Mike Kibler — Mon, 21 Jan 2008 19:01:00 GMT

Demand for mortgages surged last week, hitting its highest level in nearly four years as interest rates fell, the Mortgage Bankers Association reported today.

Mortgage application volume reached 906.4, an increase of 28.4 percent on a seasonally adjusted basis, up from 706 one week earlier. On an unadjusted basis, the index increased 64.8 percent compared with the previous week, which was shortened by the New Year holiday and was up 39 percent compared with the same week a year ago.

The refinance share of mortgage activity increased to 62.7 percent of total applications, up from 57.7 percent the previous week.

Adjustable-rate mortgages were only 9.2 percent of total applications.

Meanwhile, mortgage rates slipped during the week. They were:

30-year fixed-rate mortgages decreased to 5.62 percent from 5.73 percent.
15-year fixed-rate mortgages decreased to 5.07 percent from 5.21 percent.
1-year ARMs decreased to 5.77 percent from 6.04 percent

Source: Mortgage Bankers Association (01/16/08)

2008 National Christmas Tree Will Be From Montana

Mike Kibler — Thu, 17 Jan 2008 16:42:00 GMT

Only 350 days until Christmas! If you aren’t ready to start on your 2008 Christmas

shopping, here is a way to help take Montana to Washington DC this year. Montana

~ and the Bitterroot National Forest ~ have been asked to provide the Capitol

Christmas Tree for 2008. Asking a National Forest to provide “the People’s Tree” as

the Capitol Tree is often called, is a tradition that started in 1970. Each year since

then, a different National Forest and the State in which the Forest is located, are

asked to provide The Tree, and all of the trimmings as a gift to our nation. The Tree

Committee invites you to join them! Check out the tree website

(www.capitolchristmastree2008.org) then contact Nan Christianson at the Bitterroot

National Forest at (406) 363-7113 to find out where you can help.

Where Eagles Soar

Mike Kibler — Wed, 16 Jan 2008 21:19:00 GMT

As I was having my first cup of coffee this morning and watching to sun come up over the Sapphire Mountains, I noticed something rather large perched in a tree in our pasture. A few moments later the sun was high enough to shine on it. It was a huge Bald Eagle. What a beautiful and magnificant bird. Bald eagles are a common sight in the Bitterroot Valley, and we occasionally will be visited by an eagle, but I'm always in awl of their size and beauty. What a beautiful and wonderful place to live!

5 Simple Ways to Increase a Home's Value

Mike Kibler — Wed, 09 Jan 2008 22:26:00 GMT

Good home maintenance is key to creating and preserving a home’s value. Not to mention, it also impresses potential buyers.

Here are five basic steps that every home owner ought to take — before spending money on dream bathrooms or gourmet

kitchens.

1. Safety. Make sure smoke detectors and carbon monoxide detectors are installed and in good working order. Check fuelburning
appliances to make sure they are properly vented and no gas connections leak. Make sure the electrical system is
adequate. Flickering lights and popping breakers are the sign of a problem. Anchor handrails and grab bars adequately.
2. Preventive maintenance. Repair any leaks in the roof, seal gaps in the siding, paint bare wood, replace damaged decking,
patch cracks in concrete, and caulk around tubs and showers.
3. Conserve energy. Install a programmable thermostat, weatherstrip doors and windows, fix leaking faucets, upgrade
insulation, and replace leaky windows.
4. Go green. Consider environmentally friendly materials for windows, doors, siding, decking, fencing, roofing, flooring, and
insulation.
5. Improve comfort. Get rid of clutter, open up spaces, update window treatments to allow in more light, and organize closets
and storage. Source: The Associated Press, James and Morris Carey (12/29/07)

2 Reasons it's a Great Time to Buy Real Estate in the Bitterroot Valley

Mike Kibler — Wed, 09 Jan 2008 21:41:00 GMT

Selection, Selection, Selection - There are currently over 1300 properties for sale in Ravalli County. Regardless of the price range there are plenty of houses from which to choose. There are lots of options in this market!
No bidding wars - Competitive bidding is a rare thing in this market today and prices seem to be softening.

Mortgage Applications Up From Last Year

Mike Kibler — Thu, 03 Jan 2008 23:03:00 GMT

Mortgage applications fell last week but they were up nearly 10 percent compared to the same week last year, according to the Mortgage Bankers Association’s weekly survey.

The index fell a seasonally adjusted 7.6 percent last week to 603.8. On an unadjusted basis, the index decreased 8.2 percent, compared with the previous week and was up 9.9 percent compared with the same week a year ago.

The refinance share of mortgage activity decreased slightly to 53.0 percent of total applications from 53.2 percent the previous week.

Mortgage rates declined:

30-year fixed-rate mortgages decreased to 6.10 percent from 6.18 percent.
15-year fixed-rate mortgages decreased to 5.66 percent from 5.78 percent.
1-year ARMs decreased to 6.03 percent from 6.48 percent.

Source: Mortgage Bankers Association (12/27/07)

Credit Score Primer

Mike Kibler — Fri, 28 Dec 2007 18:38:00 GMT

In the wake of the credit crisis, lenders have become much pickier about whom they lend to. Here are some basic facts that will

help potential borrowers understand what they face. The measurement that most lenders use to assess applicants' credit risk is

the FICO score developed by Fair Isaac Corp. The score ranges from 300 to 850. There's not one FICO score. Buyers have

three: one for each of the three credit bureaus, Experian, TransUnion, and Equifax.

Each credit score is based on information the credit bureau keeps on file. Since credit bureaus don't share their data with one

another, the three FICO scores may differ, sometimes by as much as 100 points. The components of a FICO score are: payment

history: 35 percent, amounts owed: 30 percent, length of credit history: 15 percent, new credit: 10 percent and types of credit

used: 10 percent

A consumer with a 580 credit score might qualify under FHA requirements, but, generally, in order to qualify for a prime loan, a

borrower must have a credit score above 620 for a conventional loan at all and above 720 for a loan at terms and rates most

borrowers would consider desirable. Source: The Dallas Morning News, Pamela Yip (12/03/07)- Daily Real Estate News | December 4, 2007

Mortgage Rates Drop to Two-Year Lows

Mike Kibler — Mon, 03 Dec 2007 21:17:00 GMT

The 30-year fixed mortgage rate fell to a more than two-year low in the week ended Nov. 29, slipping to 6.1 percent from 6.2 percent the prior week.

Freddie Mac also reported that the 15-year fixed loan rate fell to 5.73 percent from 5.83 percent over that same time span, and that interest on five-year adjustable-rate mortgages dipped to 5.86 percent from 5.88 percent.

Meanwhile, the one-year ARM bumped up to 5.43 percent from 5.42 percent.

Freddie Mac chief economist Frank Nothaft attributed the decline in mortgage rates to worries about an economic downturn tied to the weak housing and credit markets, which has pushed down interest rates on U.S. Treasuries.

Source: Baltimore Sun (11/30/07)

It may be winter, but it is still a great time to buy!

Mike Kibler — Tue, 20 Nov 2007 16:52:00 GMT

More selection. With more and more houses in inventory, there is greater selection. Today's buyers can be very selective, taking the time to be sure they find a home with all the amenities they want.

Greater negotiation power. Because inventory is so high, sellers are more likely to negotiate. Today's buyers often walk away with a lower purchase price, paid closing costs, and additional incentives.

Less competition. A few short years ago, buyers often found themselves outbid by another buyer or found themselves in the middle of a bidding war. Today, bidding wars are rare and buyers can take their time to fully assess whether or not a house is right without having to hurry to make an offer.

More comparables. Higher inventories means there are more and more comparables on the market. If some of those comps are at lower prices, buyers can often use this to help them make and win a lower offer.

Nearly perfect homes. Today's sellers of older homes are more willing to complete any repairs a buyer may request.

These are just a few of the reasons why buyers may have the upper-hand in today's market. Give me a call or drop me an email if you'd like more information on the market in Ravalli County.

Snow in the Valley

Mike Kibler — Tue, 20 Nov 2007 00:15:00 GMT

I know I like to brag about how the snow usually stays in the higher elevations and doesn't get too deep on the valley floor. Well, we had a front come through last night that fooled the weatherman. Like that never happens. We got about 12 inches of snow in the valley. We were supposed to only get 2- 4 inches.We needed the moisture and this will definately get the ski season moving. Everything is white and beautiful!! I don't think that there is anything as beautiful that a huge majestic Ponderosa Pine covered in snow. Have a safe a happy Thanksgiving.

Federal Reserve Interest Rate Cuts – What is Affected?

Mike Kibler — Thu, 15 Nov 2007 18:14:00 GMT

Here is a link to an article with a good explanation about how the Federal Reserve Interest Rate Cuts affect consumers:

http://www.pnnonline.org/article.php?sid=7805