Act now before interest rates continue to go up!
Act now! Mortgage rates rise to nearly four-year high on inflation concerns Freddie Mac says benchmark rate is highest since April 2014 Mortgage rates have climbed to the highest level in close to four years, according to data released Thursday. The 30-year fixed-rate mortgage averaged 4.38% in the week ending Feb. 15, up from 4.32%, mortgage buyer Freddie Mac said. A year ago, the benchmark mortgage averaged 4.15%. The 15-year fixed-rate mortgage averaged 3.84%, up from 3.77%, and the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.63%, up from 3.57%. The backup in rates has occurred on concerns about rising inflation pressure, with the latest increase coming after a stronger-than-forecast gain in consumer prices. “Inflation measures were broad-based, cementing expectations that the Federal Reserve will go forward with monetary tightening later this year,” said Len Kiefer, deputy chief economist. Fellow mortgage buyer Fannie Mae said it’s upped its 30-year fixed rate mortgage forecast for the fourth quarter by 30 points to 4.4%. “However, we don’t expect rates to play much of a role in total home sales, especially with anticipated stronger disposable household income growth. The ongoing inventory shortages should continue to constrain sales despite otherwise ripe home buying conditions,” said Doug Duncan, Fannie’s chief economist, in a statement. Read more...
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Don’t Wait Any Longer to Buy Your Outer Banks Home!
Don't wait any longer! Interest rates are about to make buying a home a whole lot more expensive when they are raised this Spring. A huge sell-off in the bond market is about to make buying a home more expensive. Mortgage rates, which loosely follow the yield on the 10-year Treasury, have been rising for the past few weeks, but are seeing their biggest move higher Monday. "Bottom line, rate sheets are going to be ugly this morning," wrote Matthew Graham, chief operating officer of Mortgage News Daily. "Some lenders will be at 4.5 percent on their best-case-scenario 30-year fixed quotes." That is the highest rate since 2014. Mortgage rates jump to highest in 4 years, an ominous sign for spring housing Mortgage rates are surging due to the jump in U.S. bond yields. "Some lenders will be at 4.5 percent," says Matthew Graham of Mortgage News Daily. Higher mortgage rates, combined with higher home prices, will make this spring housing market even more challenging. Read entire article...
Review of the Outer Banks Real Estate Market
Both residential and land sales were up double digits in units compared to 2016. However, inventory continues to decline. Sales increased 9% in units and 14% in sales volume The average sales price of $396,650 represents a 5% increase over last year The median sales price is now $320,000 (+7%) The Average Days on Market for all residential properties sold in 2017 (1,878) was 149 compared to 205 last year. Homes are selling faster! The Average Days on Market for residential properties listed and sold in 2017 (1,142) was an astonishing 56! *As reported by the Outer Banks Association of Realtors for the period of 1/1/17 – 12/31/17 as of 1/8/18.
SnOBX 2018: Pictures of Outer Banks blanketed in heavy snow
" order_by="sortorder" order_direction="ASC" returns="included" maximum_entity_count="500"] OUTER BANKS, N.C. – For the second time this year, the beloved sand and surf destination of Richmonders was transformed into a snow globe. Numerous areas in the Outer Banks reported that between three and almost 10 inches of snow fell overnight. The Outer Banks will benefit from the same sunny warmup that will melt Richmond snow Thursday – before another round of sub-freezing temperatures overnight. But with temperatures remaining below freezing Thursday morning, schools were canceled and many businesses along the empty U.S. 158 corridor were closed. Read full article below: http://wtvr.com/2018/01/18/snobx-2018-pictures-of-outer-banks-blanketed-in-heavy-snow/
Young seals are sunning, resting on Outer Banks beaches for the winter
By Jeff Hampton The Virginian-Pilot COROLLA, N.C. Cute, fluffy seals are sunning themselves and resting in the cold, wintry winds along the Outer Banks. They have earned the nickname of Christmas seals because they annually appear during the holidays. “The seals are hot and heavy right now,” said Karen Clark, director of the Outer Banks Center for Wildlife Education in Corolla. “I’m getting three or four calls a day.” Young seals migrate south during the winter in search of food, she said. Juveniles are lower in the hierarchy and have a hard time competing for food with the adults, so they venture from their homes in Canada and New England as far south as Hatteras looking for easier meals, Clark said. Read the full article here...
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Investors Told to Brace for Steepest Rate Hikes Since 2006
Wall Street economists are telling investors to brace for the biggest tightening of monetary policy in more than a decade. With the world economy heading into its strongest period since 2011, Citigroup Inc. and JPMorgan Chase & Co. predict average interest rates across advanced economies will climb to at least 1 percent next year in what would be the largest increase since 2006. As for the quantitative easing that marks its 10th anniversary in the U.S. next year, Bloomberg Economics predicts net asset purchases by the main central banks will fall to a monthly $18 billion at the end of 2018, from $126 billion in September, and turn negative during the first half of 2019. That reflects an increasingly synchronized global expansion finally strong enough to spur inflation, albeit modestly. The test for policy makers, including incoming Federal Reserve Chair Jerome Powell, will be whether they can continue pulling back without derailing demand or rocking asset markets. Read more...