According to results of its Primary Mortgage Market Survey® (PMMS®), Freddie Mac noted that in the most recent week the 30-year fixed-rate mortgage averaged 5.29 percent, up from last week when it averaged 4.91 percent. For all of those potential home buyers out there, don’t fret, last year at this time the 30-year averaged 6.09 percent! We are still at historical lows.
“30-year fixed-rate mortgage rates caught up to the recent rise in long-term bond yields this week to reach a 25-week high,” said Frank Nothaft, Freddie Mac vice president and chief economist.” And the slowdown in the housing market has now detracted from economic growth for the past 13 quarters, the longest quarterly stretch since at least 1947, according to the Bureau of Economic Analysis. In the first quarter of 2009 alone, residential fixed investment shaved 1.4 percentage points off of real GDP growth, the most since third quarter of 2006.
“Yet, there are signs that the housing market may be moderating. Housing affordability rose in April to the second highest reading since January 1971 when records began, according the National Association of Realtors® (NAR). As a result, pending existing home sales rose for the third consecutive month by 6.7 percent in April and represented the largest monthly increase since October 2001. Three of the four regions experienced increases, led by a 33 percent jump in the Northeast, the NAR reported.”
In our market, Athens median and average home prices actually rose on based upon the most recent year over year view of the market as of June 1, 2009, according to the Athens MLS. While numbers of sales are still lower than a year ago it appears that at least based upon pricing (i.e. average and median home sales figures) that we have bottomed.
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
Excellent information Hank, Augusta is more of a macro-level area where some areas are seeing increases, others are flat, and the luxury market is trending lower in price (but not value – yet).