Mortgage Rates Continue Upward Trend

Freddie Mac recently released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing fixed mortgage rates trending higher for the third consecutive week and putting pressure on refinance momentum. Regardless, mortgage rates remain low helping to keep home-buyer affordability high, which should further aid home sales and construction in coming weeks.

The survey showed that the 30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.7 point for the week ending May 23, 2013, up from last week when it averaged 3.51 percent. Last year at this time, the 30-year FRM averaged 3.78 percent.

Additionally, the 15-year FRM this week averaged 2.77 percent with an average 0.7 point, up from last week when it averaged 2.69 percent. A year ago at this time, the 15-year FRM averaged 3.04 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.63 percent this week with an average 0.5 point, up from last week when it averaged 2.62 percent. A year ago, the 5-year ARM averaged 2.83 percent.

The 1-year Treasury-indexed ARM averaged 2.55 percent this week with an average 0.4 point, the same as last week. At this time last year, the 1-year ARM averaged 2.75 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

"Fixed-rates moved up for the third consecutive week, with the average 30-year fixed-rate mortgage about a quarter-percentage point higher than three weeks ago,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “While this may slow some of the refinance momentum, rates are nonetheless low and home-buyer affordability high, which should further aid home sales and construction in coming weeks. For instance, in April, single family housing permits rose to the strongest pace since May 2008 while existing home sales for the same month grew the most since November 2009. Moreover, the National Association of REALTORS® reported that the median number of days on the market for these sales fell from 62 to 46 days, the fewest since it began collecting the data in May 2011."

For more information, visit www.FreddieMac.com.

Reprinted with permission from RISMedia. ©2013. All rights reserved.

Host an Extraordinary Outdoor Bash

Family Features—What do you get when you combine great food, good company and a beautifully set table? One truly memorable party.
No matter what the reason for the gathering, find your inspiration from the splendor found outdoors. Picture a rustic table set under the olive trees in the Italian countryside or warm, gentle breezes rustling through a gorgeous garden in the South of France. Nature draws you in, invites you to sit down and encourages you to savor special moments.
Create the same experience for your guests at your home. Set a wooden table under shaded trees or a covered patio then gather several chairs around. Keep decorations simple and let the natural elements set the mood.
There is something about flowers that instantly makes any gathering feel special. Place several large sunflowers into a vase for the center of the table—or trim the stems off your favorite blooms and float them in a large serving bowl. For another simple centerpiece, line several glasses or small bowls down the center of the table and place a single blossom in each. No flower arranging skills required.
Here are few more easy tips to make your next outdoor party a charming and memorable event:

• Choose music that is light and uplifting. Make sure it isn't so loud that guests can't carry a conversation.
• If you use a tablecloth or runner, strategically place small bowls or serving pieces around the table to keep the cloth secure.
• Slip sprigs of green inside the folds of the napkins for a decorative touch. Tuck flatware inside the napkins to help keep the linens from blowing off the table.
• Mix earthy elements into the table decor. Make your party a winner, naturally, by adding pinecones, moss, or small flowers to decorative bowls.
• Select several smooth stones and write each guest's name on them. These organically chic place cards make a memorable party favor.
• Serve a signature drink named after the theme or celebration of the party.
• Place votive candles in clear containers or glasses for a casual, romantic glow.
• The secret to great entertaining is keeping things simple. Parties should be uncomplicated, easy and just as much fun for the hosts as it is for the guests. Start with a simple menu and then get everyone outdoors to enjoy the splendor of warm breezes, lush trees and colorful flowers.

Source: www.Pfaltzgraff.com.

Tips to Ease First-Time Homebuyer Jitters

Traditionally, spring marks a busy period of time for housing market activity. With the heat of summer seemingly only weeks away, first-time homebuyers should learn strategies for finding their ideal home while keeping financial priorities in check. Buying a home can be the largest and most important financial decision one can make, so it is important to be aware of all the factors that go into making a responsible purchasing decision.

The first step is figuring out how much you can afford to spend on homeownership, which means an honest assessment of the household balance sheet. Once you have a clear idea of where you stand financially, you can then make a responsible decision of what you can afford, including your down payment, monthly mortgage costs and other expenses like utility costs, property insurance and taxes.

Here are a few tips:

Making an affordability assessment
Housing costs, including mortgage payments, property insurance and taxes, should not take up more than one-third of your income. In addition to this, servicing your overall debt, including loans, utilities, credit card payments and lines of credit, should not account for more than 40 percent. If you can land safely within these parameters, then homeownership is an affordable and realistic option.

Coming up with the down payment
In general, the bigger the down payment you come up with, the less interest you'll pay over the life of your mortgage. Financial institutions may offer special accounts designed to help you save for that first home. Consider opening a savings account specifically to fund your down payment. One easy way to save is to set up an automatic monthly deposit from your checking account to your savings account, allowing you to build the balance over time.

Choosing the right mortgage for you
Your mortgage needs to fit in with the rest of your financial priorities -- which could mean increased flexibility or security. Consider the following when choosing your mortgage:

• Choose a shorter amortization period - In general, the shorter the life of the mortgage, the lower the overall interest cost. Consider choosing a 20-year amortization rather than a 30-year amortization to save you money on interest costs and help you become debt-free sooner.

• Fixed vs. variable - Variable-rate mortgages have been a winning strategy over the long term, but fixed rate mortgages (currently at historic lows) provide cost certainty and peace of mind.

• Stress-test your mortgage payments - Use a mortgage payment based on a higher rate to stress-test your budget; total housing costs (mortgage payments, property taxes and insurance, etc.) should not consume more than one-third of household income.

Applying for pre-approval
A pre-approval establishes the amount you can reasonably afford to borrow towards the purchase of your first home. Consider the following benefits to getting pre-approved:

• Have a good idea of your finances - You will receive a better idea of how much you are qualified to borrow, saving time looking at homes that meet your affordability range. Your term and amortization, as well as estimated monthly payments, are provided at approval so you can use these figures when planning your overall budget.

• Moving quickly - If you are pre-approved for a mortgage, you'll be able to move quickly to make an offer when you finally find the perfect home for you.

Source: BMO Harris

Reprinted with permission from RISMedia. ©2013. All rights reserved.

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