Rates Move Lower

For the First Time in Weeks,
On the heels of last week's decision by the Fed to keep rates unchanged, mortgage rates dropped

slightly this week, after four straight weeks of increases.
“The Federal Reserve’s decision last week to maintain the current level of the Federal funds rate combined with the reduction in their forecast for growth triggered a 3-basis point drop in the 10-year Treasury yield,” says Sean Becketti, Freddie Mac’s chief economist. “As a consequence, the 30-year mortgage rate declined 2 basis points to 3.71 percent. However, comments this week by several members of the Fed, including the presidents of the Richmond, San Francisco, and Atlanta banks, indicated that a June rate hike is still on the table.”
Freddie Mac reports the following national averages with mortgage rates for the week ending March 24:

• 30-year fixed-rate mortgages: averaged 3.71 percent, with an average 0.5 point, dropping from last week’s 3.73 percent average. Last year at this time, 30-year rates averaged 3.69 percent.
• 15-year fixed-rate mortgages: averaged 2.96 percent, with an average 0.4 point, falling from last week’s 2.99 percent average. A year ago, 15-year rates averaged 2.97 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.89 percent, with an average 0.5 point, dropping from last week’s 2.93 percent average. Last year at this time, 5-year ARMs averaged 2.92 percent.

Source: Freddie Mac

You're 'Trendy' if You Live Here

The 10 Trendiest U.S. Cities That You Can Still Afford to Buy

Research team was on the hunt to find the next “hipster meccas” popping up across the country. It analyzed 500 of the largest municipalities nationwide to find those that offer a fun, young, culture-rich urban scene and are still largely affordable.

To pin down the 10 trendiest U.S. cities, the team took into account such factors as the increase in the population of 25- to 34-year-olds from 2013 to 2014; the number of cultural outlets (such as musical venues, independent movie theaters, and art galleries), yoga studios, and bike shops; and housing affordability, among other factors.

Considering those criteria, the 10 cities that emerged as the top 10 trendiest based on realtor.com®’s study are:

1. Salt Lake City

Median home price: $355,000

Sure, you know Silicon Valley, but do you know Silicon Slopes? In Salt Lake City, affordable real estate, an educated workforce, and a decent transit system have lured big tech companies such as Adobe and Electronic Arts, as well as a slew of startups. And along with them, armies of young techies eager to work hard and play harder. Besides all the outdoorsy things to do in the majestic Rocky Mountains, there are plenty of impressive entertainment options. The Sundance Film Festival in nearby Park City each winter, of course, brings in thousands of filmmakers, actors, and fans—and locals get special deals on tickets. Plenty of those filmmakers decided to put down roots here. In summer, the Twilight Concert Series assembles indie and hip-hop powerhouses such as MGMT, Empire of the Sun, The Nationals, and Ludacris for free! Read more The 10 Trendiest U.S. Cities

Source: “RosaPace@realtor.com® (March 7, 2016)

19 Most Beautiful Places to Visit in Utah

Utah, nicknamed “Beehive State”, offers some of the most beautiful and spectacular sights and places

to visit!

Just browse through these awesome pictures and be amazed by it’s beauty. Fun fact: The name Utah derives from the Native American Ute tribe and means people of the mountains. Bryce Canyon is home to the largest collection of hoodoos in the world. Hoodoos are unique rock formations created by uneven erosion and weathering, giving them a distinctive and unmissable appearance. At Bryce Canyon, you will also find woodland, wildlife and caves, making it a hiker’s paradise. At night, the lack of local light sources create the perfect location for stargazing with unparalleled starry skies. 19 Most Beautiful Places to Visit in Utah

Surprising Tax Credits for Home Owners

Do You Qualify for A Home Energy Tax Credit?

 



Many of your clients may be working on their taxes now, and you can help them make the most of home improvements.
Homeselfe, a home energy assessment app and web service for homeowners,
recently released a list of several significant tax credits available to those who made energy efficiency upgrades to their homes in the 2015 tax year.

“If you upgraded your home in 2015 by adding insulation, one of the most cost-effective upgrades you can make, you already know you are saving on your utility bills every month plus you may be eligible for a tax credit on that investment,” said Ameeta Jain, co-founder and spokesperson of Homeselfe.

The company says homeowners can earn up to $500 on their return by taking into account small upgrades made last year, including:

• Biomass stoves
• Heating, ventilation, and air conditioning
• Advanced main air-circulating fans (tax credit amount of $50)
• Insulation (10 percent of the cost, up to $500)
• Roofs (metal and asphalt)
• Water heaters (non-solar earns a tax credit of $300)
• Windows, doors and skylights (tax credit amount is 10 percent of the cost excluding labor)

Homeselfe includes flowcharts and other information to help homeowners determine whether they qualify for energy-related tax credits. “Not taking advantage of that is throwing away your hard-earned cash. We want to empower families to receive the maximum refund allowed on their tax returns by providing them insight into the energy credits that are available,” says Jain.

Source: "Do You Qualify for A Home Energy Tax Credit?" Homeselfe (Feb. 10, 2016)

Yup, 2016 Is Off to a Good Start in Home Sales

Recent housing and economic reports predict we'll see solid spring home sales, according to Jonathan Smoke, realtor.com®'s chief economist. Here are some signs:

On home sales: Existing-home sales from January 2015 to January 2016 have grown 11 percent. Sales are taking longer close, due to new mortgage rules that took effect last fall, but the pace of sales is growing. New-home sales have also grown solidly year-over-year, and the median price of new homes is declining as more builders offer more affordable homes than catering to just the luxury.

On home prices: Prices are moving up and most of that has been attributed to the limited number of homes for-sale. At the current pace, there is a four-month supply of homes on the market -- much lower than the norms of six to seven months. "This is driving prices higher and encouraging consumers who hope to buy this year to get started as soon as possible," Smoke notes.

On mortgage rates: Low mortgage rates are improving home buyer affordability, for now. The 30-year fixed-rate mortgage averaged under 3.7 percent in the latest week, which offers buyers nearly 5 percent more buying power than they had at the end of 2015, Smoke notes.
But as Smoke notes: "not everything is rainbows and unicorns.

The biggest negative trend impacting potential demand relates to the January and February declines in stock values, which have taken a toll on consumer confidence." Also, the tight supply of homes for-sale could also limit sales in the spring season. That said, for buyers that are able, the low mortgage rates of the season may prove a strong motivator why buyers shouldn't wait. Source:  realtor.com® (Feb. 26, 2016)

"Read more: The 20 Hottest Housing Markets This Month