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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)
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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)
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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.
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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.
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• 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
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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)
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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!
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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
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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)
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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)
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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)
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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 BitterrootNational Forest at (406) 363-7113 to find out where you can help.
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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!
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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 fuelburningappliances 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, upgradeinsulation, and replace leaky windows. 4. Go green. Consider environmentally friendly materials for windows, doors, siding, decking, fencing, roofing, flooring, andinsulation. 5. Improve comfort. Get rid of clutter, open up spaces, update window treatments to allow in more light, and organize closetsand storage. Source: The Associated Press, James and Morris Carey (12/29/07)
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