In the last quarter of 2013, all indicators pointed to climbing mortgage rates in 2014. Lawrence Yun, chief economist at the National Association of Realtors, predicted an end-of-year average rate of 5.4%. His forecast is based on the anticipation that the Fed will start to raise rates in 2015; however, we’re in the third quarter of 2014, and rates are actually lower than they were a year ago.
So, why are rates holding and not moving-up? Most believe it’s due to supply and demand. Freddie Mac’s Leonard Kiefer and Frank Nothalf explain, “The Federal Reserve did taper purchases of mortgaged-backed securities through quantitative easing, but the tapering occurred at the same time the volume of new mortgages started to drop, keeping rates stagnate.”
Additionally, Kiefer and Nothaft contribute the decline in mortgages to fewer refinancing and less first-time homebuyers in the market place and predict rates will rise again soon, probably accompanied by rosier job figures and rising inflation.
Nothing is better than living a few steps from the beach, and if you’re considering purchasing a beach home or condo in Norfolk VA or Virginia Beach, VA, then, you’ve come to the right place. Whether you’re looking for your next home or a home-away -from-home, I will help you select the perfect property that fits your needs and lifestyle.
Enjoy all the amenities of East Ocean View and Pretty Lake. Newly renovated waterfront home with community marina and private boat slip. Deep water access just minutes to The Chesapeake Bay and beach access at the end of 7th Bay Street. 4 bedroom 2 bath with new gourmet kitchen, open concept living & dining, and state-of-the-art media and game room on second level. Virtual TourContinue reading →
As you near your closing date, your Realtor is going to schedule the final walk-through on your soon-to-be-home. If you aren’t sure what a walk-through is or why you’re having one, don’t worry you’re not alone, as even some seasoned buyers don’t fully understand the how important a final walk-through is in the buying process.
Here’s why your Norfolk VA Realtor insists that you have a final walk-through before going to closing. Continue reading →
Renovated 2 bedroom condo less than one block to the Bay. New kitchen, updated baths, new flooring, freshly painted, 2 master bedrooms, 2 balconies, and one-car attached garage. Low condo fees in established community.