Six Percent, We Hardly Knew Ye

From the AP & Bankrate:

Weekly Home Mortgage Rates

Average mortgage rates for single-family homes in the 10 largest metropolitan areas as of Apr. 26 as compiled by The rates are for 30-year, fixed-rate mortgages for 80 percent of the value of the house. A point is a one-time fee equaling one percent of mortgage.

Apr. 26 Prev. Wk
Boston 6.61 + 0.28 6.59 + 0.21
Chicago 6.80 + 0.08 6.71 + 0.09
Dallas 6.66 + 0.48 6.56 + 0.53
Detroit 6.72 + 0.03 6.65 + 0.03
Houston 6.61 + 0.56 6.53 + 0.61
Los Angeles 6.69 + 0.53 6.63 + 0.53
New York 6.62 + 0.19 6.52 + 0.23
Philadelphia 6.50 + 0.65 6.44 + 0.64
San Francisco 6.72 + 0.28 6.63 + 0.33
DC Metro 6.51 + 0.72 6.44 + 0.91
National Avg 6.64 + 0.38 6.57 + 0.41’s national average for a 5-year adjustable mortgage, based on a 30-year loan for 80 percent of the value of a single-family house.

Apr. 26 Prev. Wk
Average 6.31 +0.38 6.19 +0.39

We sure seem to be pushing through the sixes in rapid fashion. A few months back I thought there was a possibility of hitting 7% on a 30Y fixed come Winter. Now I’m thinking we might just hit 7% by Summer..

Caveat Emptor!

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38 Responses to Six Percent, We Hardly Knew Ye

  1. grim says:

    For you homebuilder watchers out there.. Centex (CTX) missed earnings by 19 cents. Orders down 11%.

  2. grim says:

    For the Westchester crew.

    Another Moderate Increase, And Agents’ Group Says Boom Is Over

    The median selling price of a house in Westchester this winter was $650,000, up just 5.7 percent over a year, a real estate agents’ group announced Wednesday.

    It was the sixth consecutive quarter of single-digit increases, and the Westchester-Putnam Multiple Listing Service proclaimed that after eight years, “The boom is over.”

    “Our area has made a relatively gentle descent to a more sustainable level of sales volume and price increases,” the group said in its report on first-quarter sales. The number of houses sold was down 14 percent from a year ago and the number of available houses was up by a third.

    It said that for the rest of the year, “price increases probably will level off to a percentage point or two more than underlying inflation. … In short, no more records for a while but no big trouble, either.”

    The record median price for Westchester was set last summer at $711,700. In the fall, the median price was $652,250. Prices are typically highest in summer.

    In Putnam County, the median price for a house was $375,000, down 8.5 percent from the year before, the group said. The Greater Hudson Valley Multiple Listing Service reported earlier this month that the median price of a Rockland County house was up 8.4 percent to $490,000.

    If I’m reading this correctly:

    Inventory up approximately 30%
    Q1 Sales down 14%

    Median Price:
    Summer: $711,000
    Fall: $652,250
    Winter: $650,000
    Spring: ?

  3. skep-tic says:

    “Inventory up approximately 30%
    Q1 Sales down 14%”

    is this their definition of “soft landing”?

    prices already 8.5% off the peak

    btw, thank for the Westchester holla

  4. pesche22 says:

    yes this is a soft landing.
    watch cnbc,,they will tell you
    or watch an interview of a CEO
    or shill for the industry

  5. bairen says:

    CNBC is funnier then Comedy Central.

  6. Anonymous says:

    Housing Bust!

    Inventory soaring
    Mtg rates soaring
    House prices Plunging!



  7. bairen says:

    But higher rates + more expensive home = Bigger Tax Deduction. Think of the tax benefits!!! LOL

    What’s so ironic about cable is that CNBC is funnier than Comedy Central, but Comedy Central has more relevant news than CNBC & CNN.

  8. pesche22 says:

    i cant take cnbc anymore…
    plus that one women in the morning
    becky quick,, man does she need
    a lower tooth job.

    i watch bloomberg. much more
    informative,,, although both
    are pimps for the industry

  9. Anonymous says:

    And here it comes…

    the 50 year mortgage!

  10. Michelle says:


    That’s pretty dang funny…and true.

    Thanks for the laugh.

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