Monthly Archives: December, 2006

FreddieMac.com Reports Higher Mortgage Rates

Mortgage Rates inched higher this week according to FreddieMac.com’s weekly Primary Market Mortgage Survey. The average rate for a 30-year fixed-rate mortgage is 6.18 percent compared to last week’s 6.13 percent.

Rates were effected by increased consumer spending in November along with a increased new home sales causing concern over inflation. Read the full story…

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BankRate.com 2007 Mortgage Tips

BankRate.com recommends 7 smart moves in 2007 for those with a mortgage or thinking about getting one.

If you would like to talk with a reputable lender about how much of a home you quailify for, please contact me. I am glad to put you in touch with a person who will provide you with excellent service and products. Also, visit my website for Ludlow, VT real estate.

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Mortgage Insurance Becomes Tax Deductible

Mortgage insurance will become tax deductible in 2007 thanks to last minute passing of a law by the 109th Congress. Mortgage insurance is charged to borrowers who have less than a 20 percent down payment for govenment and private mortgages. The new law will allow mortgage insurance premiums to be treated like mortgage interest on tax returns saving Americans a considerable amount of money each year. Full story…

If youo are thinking of buying a home in Vermont or would like more information on how this new law effects your buying powewr, visit my website or give me a call. I’m here to help!

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Home Renovations Less Profitable In 2006

A few years ago when the real estate market was booming and inventory was low, many homeowners decided to renovate their current home rather than sell and buy something larger that better suited their needs.

The National Association of Realtors has reported that the cost of renovations climbed in 2006, while the resale value of those renovations declined. Last year, for example, adding a master bedroom suite to a house cost an average of $75,959 nationwide and boosted the home’s resale value by $64,419 – that’s 84.8 percent of the cost recouped. The same job this year cost a lot more – $94,331 – and returned just $68,458, or 72.6 percent.

With the current leveling off of the real estate market, it may be time to rethink a remodel project vs buying a new home. Home sales have slowed causing inventory to increase and making it easier for buyers to negotiate contingency contracts. It used to be, a seller wouldn’t think twice if you needed to sell a house prior to purchasing. But these days, sellers are thinking long and hard about working with a buyer who is also selling a home.

If you are considering a remodel vs buying, give me a call. I am glad to discuss your options with you so you can make the best decision for you and your family. Also, visit my website to view all Ludlow real estate listings.

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Interest Rates Decline For Fifth Consecutive Week

FreddieMac.com reports long term interest rates declined this week for the fifth consecutive week. The average rate on a 30-year fixed rate mortgage is 6.14 percent for the week ending Nov. 30. Down from 6.18 percent last week.

Rates like this make buying a new home for Christmas a great idea. Visit ISellVermontRealEstate to view all Ludlow and Okemo Mountain homes for sale.

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