Bankrate: Mortgage Rates Move Down

The average 30-year fixed mortgage rate fell to 5.41 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.27 discount and origination points.

The average 15-year fixed and jumbo 30-year fixed mortgage rates dropped by equal amounts, to 4.74 percent and 6.34 percent, respectively. Adjustable rate mortgages were mixed, with the average 1-year ARM rising to 5.15 percent and the 5-year ARM inching lower to 4.94 percent.

NEW YORK, Sept. 3 /PRNewswire-FirstCall/ — The average 30-year fixed mortgage rate fell to 5.41 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.27 discount and origination points.

The average 15-year fixed and jumbo 30-year fixed mortgage rates dropped by equal amounts, to 4.74 percent and 6.34 percent, respectively. Adjustable rate mortgages were mixed, with the average 1-year ARM rising to 5.15 percent and the 5-year ARM inching lower to 4.94 percent.

As concerns about the sustainability of an economic rebound gained steam, mortgage rates retreated to levels last seen in May. Ironically, these worries came about despite a number of upbeat economic releases, including reports on manufacturing, consumer sentiment, and pending home sales. But weakness in consumer spending and growth in household income prompted investors to move from stocks to the safety of government bonds. Mortgage rates are closely related to the yields on long-term government bonds.

Mortgage rates are more than one full percentage point lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 6.55 percent, meaning a $200,000 loan would have carried a monthly payment of $1,270.72. With the average rate now 5.41 percent, the monthly payment for the same size loan would be $1,124.31, a savings of $146 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.41% — down from 5.53% last week (avg. points: 0.27)

15-year fixed: 4.74% — down from 4.83% last week (avg. points: 0.25)

5/1 ARM: 4.94% — down from 4.95% last week (avg. points: 0.32)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week’s move in mortgage rates, go to http://www.bankrate.com/mortgagerates

The survey is complemented by Bankrate’s weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. Half of the panelists expect mortgage rates to fall further during that timeframe. Among the remaining respondents, 29 percent predict an increase in rates and 21 percent forecast that rates will remain more or less unchanged in the next 30 to 45 days.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI

About Bankrate, Inc.

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe, CreditCardGuide.com and Bankaholic.com. Each of these businesses helps consumers make informed decisions about their personal finance matters. The company’s flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2008, Bankrate.com had nearly 72 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: TWX), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com’s information is also distributed through more than 500 newspapers.

Get more REOs

A single property website can generate a lot of traffic and give your REO listings more exposure than traditional methods of marketing real estate. In fact, it will continue to provide great value even if the property sells in just a few days: don’t forget that your sign rider showcasing the property – and you- will hang from the “for sale” sign until the property closes escrow.

I’m sure I don’t need to tell you that REOs are very hot at the moment. As savvy buyers and investors are actively looking for great real estate deals, bank owned properties are practically flying off the shelf with multiple offers.

REO-rider450

If you’re an agent trying to break into the lucrative REO market, or even if you are already selling REO properties, building a single property website to showcase each distressed home for sale is a great way to market the property.

Better yet, showcasing each foreclosure property with a unique website enables you to market YOURSELF as a savvy agent who knows how to use the power of the Internet to market properties online. This attracts bank asset managers, because it tells them that you are an Internet savvy real estate professional, who knows how to market real estate using the latest tools.

A single property website can generate a lot of traffic and give your REO listings more exposure than traditional methods of marketing real estate. In fact, it will continue to provide great value even if the property sells in just a few days: don’t forget that your sign rider showcasing the property – and you- will hang from the “for sale” sign until the property closes escrow.

Even after close of escrow, the single property website will prove useful and attract even more traffic, since the new buyer will send their family and friends to your property website to view their new home.

ListingDomains, the original and leading property website provider, has just launched several new property website templates, designed specifically for distressed properties. These websites are easy to set up and include convenient tools such as printable flyers, free syndication and free posting to Craigslist.

Visit our website today to check out the new REO templates and to add ListingDomains to your real estate marketing plan.

Tweet 12 Seconds of Video from your iPhone!

Share your videos on Twitter, Facebook, Friendfeed, or other networks
12second is a cool app that makes it super easy to share your videos on Twitter and Facebook. Plus they have widgets and embed codes to share on your blog or Myspace, Tumblr, or anywhere else.

Share your videos on Twitter, Facebook, Friendfeed, or other networks
12second is a cool app that makes it super easy to share your videos on Twitter and Facebook. Plus they have widgets and embed codes to share on your blog or Myspace, Tumblr, or anywhere else.

Why only 12 seconds?
Because anything longer is boring. The scientists at the 12seconds dodecaplex have conducted countless hours of research to determine the precise amount of time it takes for boredom or apathy to set in during typical Internet video viewing. Their patent pending Electro-Tear-Duct Prongers have determined that exactly 12 seconds of video is the ideal amount of time to keep anything interesting. Are you buying this? I am ;)

Applications for Real Estate Agents
How about a 12 second video of each room – immediately uploaded to Twitter? How about a 12 second market report? Any other ideas out there?

12cast-iphone-app

Happy Friday – Strong Gain in Existing-Home Sales Maintains Uptrend

According to a post today by the National Association of Realtors (NAR), for the first time in five years, existing-home sales have increased for four months in a row; monthly increase is the largest in 23 years. Existing home sales rose 7.2 % to a seasonally adjusted annual rate of 5.24 million units in July from a level of 4.89 million in June, and are 5.0% above the 4.99 million-unit pace in July 2008.  Could the real estate market be recovering sooner than we thought?