30-YEAR RATES BACK BELOW 5%

Mortgage rates were on the decline this week, a welcome sign for potential home buyers or those looking to refinance. The 30-year fixed rate mortgage averaged 4.95 percent this week, down from 5 percent the week prior, according to Freddie Mac’s weekly mortgage market survey. Last year at this time, 30-year rates averaged 5.05 percent.  The 15-year, fixed-rate mortgage also dropped for the week, averaging 4.22 percent, down from last week’s 4.27 percent. The 5-year adjustable-rate mortgage dropped slightly to 3.8 percent, compared to 3.87 percent the previous week.

“Low mortgage rates and home prices are sustaining affordability in the housing market,” says Frank Nothaft, Freddie Mac’s chief economist. The National Association of REALTORS® reported earlier this week that existing home sales rose for the third consecutive month in January and were at the strongest pace in eight months.
Source: “30-Year Fixed-Rate Mortgage Eases Just Below 5 Percent,” Freddie Mac (Feb. 24, 2011)

KITCHEN TRENDS

American Home Shield warranty company just published a Top 10 New Kitchen Trends popular in 2010. (Click picture to see article.)  I am definitely starting to see the trend going toward contemporary design.  Personally I've never loved it...but it's growing on me!

"SOMEONE" NEEDS TO STEP IT UP ON THE BLOG!

It's hard to believe it's been October since I've put anything on our blog! I am going to do my best to do better!!!  I started this blog to provide helpful information on a wide range of real estate topics and want to continue with that process.

We are asked on a daily basis "How is real estate?" Our answer "It's good...not great...but good!"  Many parts of the country are so much worse than we are in Oklahoma. We did not benefit from huge appreciations over the past several years, so our correction has been much less severe.

Give us a call if you're considering selling a home or purchasing one this year and we can give you some good information to help you make the decision. We work with a fantastic lender, if you need a referral.