Home Purchases are on the rise - Low Mortgage Rates Continue...
Posted by Marisa Ormando on Friday, July 13th, 2012 at 10:45am.
Marisa Ormando & Stan Chang
Record-reaching rates have practically become a weekly mainstay the last few weeks for 30-year and 15-year fixed-rate mortgages. For the past 16 weeks, the 30-year fixed-rate mortgage alone has averaged below 4 percent, increasing affordability by cheapening the costs of borrowing.
In its weekly mortgage market survey, Freddie Mac reports that average fixed-rate mortgages continue to reach all-time record lows from easing bond yields and a dismal June employment report.
Here’s a closer look at rates for the week ending July 12:
- 30-year fixed-rate mortgages: averaged a new low of 3.56 percent, with an average 0.7 point, down from last week’s previous record of 3.62 percent. A year ago at this time, 30-year rates averaged 4.51 percent.
- 15-year fixed-rate mortgages: averaged a new record of 2.86 percent, with an average 0.7 point, dropping from last week’s previous record of 2.89 percent. The 15-year fixed-rate mortgage has been below 3 percent for the last seven weeks. Last year at this time, 15-year rates averaged 3.65 percent.
- 5-year adjustable-rate mortgages: averaged 2.74 percent, with an average 0.6 point, dropping from last week’s 2.79 percent average. Last year at this time, 5-year ARMs averaged 3.29 percent.
- 1-year ARMs: averaged 2.69 percent, with an average 0.4 point, up slightly from last year’s 2.68 percent average. A year ago at this time, 1-year ARMs averaged 2.95 percent.
Source: Freddie Mac
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Bedrooms: 5 Bathrooms: 4.5
Home Size: 4,204 sq.ft. Garage: 2
Lot Size: 6,614 sq.ft. Community: Illahee
County: King Property Type: Single Family Home
Year Built: 2010 MLS Number: 374872
Elegantly appointed Burnstead resale in Illahee in the heart of Sammamish with extensive upgrades throughout. Vaulted entry, hardwoods. Custom millwork. Gourmet chefs kitchen, granite slab, tile backsplash, Bosch appliances, 6-burner viking stove, extra deep pot drawers, cabinetry with custom slide out shelving. The upstairs has a den/loft area with built-in desk, a bedroom with private full bath. The other 2 upper bedrooms share a Jack n Jill bath. Master bedroom with cathedral ceilings has view of lake protected greenbelt. Master bath includes a glass block shower and walk-in close with custom shelving. The basement has a lower level family/ bonus room that opens to patio. Additional bedroom with full bath and a huge closet. Enjoy the patio or entertain on the expansive upper deck with afternoon sun. This home offers an abundance of privacy with lake views and protected wetlands area. RG6 for video / Cat5 wiring, ENERGY STAR & so much more. Lake Washington Schools
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