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Oakmont and Oakland subdivisions of Jackson, Madison, County TN, Jackson real estate, homes for sale, listed properties, free MLS search, buyers and sellers market information, Robert Yancey, REALTOR, EXIT SELECT REALTY, Jackson TN, here to assist those with dreams of owning their own home and help sellers market their existing home; easing the stress that comes with such an important life changing event. 731-571-9944

I thought it would be good to hear some information about the housing market as well as some about mortgage rates. We hear bad things every day on how difficult it is to buy a house or sell one; this may or may not be enough to help some with their decisions. In my opinion, it is definitely important to get the housing market back to help the economy.

Fed Focuses on Lifting Ailing Housing Market Daily Real Estate News | Thursday, November 03, 2011

The Federal Reserve on Wednesday issued a new call about the importance of fixing the housing market, which could then have a trickle effect in strengthening the rest of the economy.

The Fed will consider buying more mortgage-backed securities to help, said Ben Bernanke, the Fed chairman. Such a move could send borrowing costs even lower. 

"The housing sector is a very important sector," Bernanke said at a news conference. "Problems in that sector are a big reason why our economy's not recovering more quickly." The Fed is holding a two-day policy meeting — which ends Thursday — to weigh options. 

Economists believe that if more people were buying homes then it could lead to a boost in consumer purchases for other sectors, from furniture to appliances. They note that the housing market has led the economy out of recessions in the past, since it creates jobs and more spending on goods and services. 

The housing market continues to be bogged down by a high rate of foreclosures, which is dropping other home values. About 7.5 million homes are either in foreclosure or delinquent on their mortgage. 

Source: “Fed Focus: Housing Could be Key to Stronger U.S. Rebound,” Reuters News (Nov. 3, 2011)

Mortgage Rates Drop Sharply This Week Daily Real Estate News | Thursday, November 03, 2011

The 30-year fixed-rate mortgage, the most popular choice among home buyers, dropped to its second lowest reading on record this week, Freddie Mac reports in its weekly mortgage market survey. 

"Market concerns over the European debt market drew investors to U.S. Treasury securities, lowering bond yields and mortgage rates,” says Frank Nothaft, chief economist at Freddie Mac.

Here are how rates fared for the week:

30-year fixed-rate mortgages: averaged 4 percent, with an average 0.7 point, down from last week’s 4.10 percent average. The 30-year fixed-rate mortgage is the second lowest on record, just behind the 3.94 percent record reached on Oct. 6. A year ago at this time, 30-year rates averaged 4.24 percent.  15-year fixed-rate mortgages: averaged 3.31 percent, with an average 0.7 point, falling from last week’s 3.38 percent average. Last year at this time, 15-year mortgages averaged 3.63 percent.  5-year adjustable-rate mortgages: averaged 2.96 percent this week, with an average 0.6 point, dropping from last week’s 3.08 percent. At this time last year, 5-year ARMs averaged 3.39 percent. 1-year ARMs: averaged 2.88 percent this week, with an average 0.6 point, dropping from last week’s 2.90 percent average. A year ago at this time, the 1-year ARM averaged 3.26 percent. 

Source: Freddie Mac

It is a great to buy a house with rates this low.

If anyone has questions, feel free to visit my web site, it covers all listings in the Central West Tennessee area and search at your leisure, there is a wealth of information with links to many other informative sights.

Oakmont and Oakland subdivisions of Jackson, Madison County TN, homes for sale, properties listed in MLS, market information, Robert Yancey REALTOR, (731)-571-9944, EXIT SELECT REALTY, Jackson,TN,(731)-562-3948, (731)-554-3948, here to assist buyers purchase that dream house and sellers market their homes  for the best deal possible, while easing the stress that comes with such an important life changing event.  Each office independently owned and operated.

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