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  • psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813
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Mortgage Rates Reverse Course and Tick Down

williamsburg mortgage interest rates"Fixed mortgage rates fell over the holiday week as market concerns over the timing of the Federal Reserve’s pullback in bond purchases eased somewhat. Rates are still low by historical standards and should continue to aid in housing affordability and the ongoing recovery of the housing market. For instance, pending home sales rose 6.7% in May to the strongest pace in over six years. In addition, residential construction spending increased in four of the first five months this year."

Freddie Mac today released it’s survey results showing average fixed mortgage rates reversing course after last week’s big jump that took rates to their highest levels since mid-2011. The average 30-year fixed-rate mortgage ticked down to 4.29 percent this week from 4.46 percent last week. Rates remain near historic lows and homebuyer affordability remains strong for the typical family in most parts of the country, which should help fuel the ongoing housing recovery.

• 30-year fixed-rate mortgages averaged 4.29 percent with an average 0.7 point for the week ending July 3, 2013, down from last week when it averaged 4.46 percent. Last year at this time, the 30-year rate averaged 3.62 percent.

• 15-year mortgages this week averaged 3.39 percent with an average 0.7 point, down from last week when it averaged 3.50 percent. A year ago at this time, the 15-year rate average was 2.89 percent.

Want to explore payments or mortgage options in Williamsburg VA, send me an email and I will put you in touch with one of our experienced local mortgage experts

John@MrWilliamsburg.com

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Feds Send Mortgage Rates Soaring

Mortgage rates have suddenly jumped from near-record lows and are adding thousands of dollars to the cost of buying a home.

imageThe average rate on the 30-year fixed loan soared this week to 4.46 percent (. from 3.93 percent last week ) This represents the largest weekly increase for the 30-year fixed since the week ended April 17, 1987.

The surge in mortgage rates follows the Federal Reserve’s signal that it could slow its bond purchases this year. A pullback by the Fed likely would send long-term interest rates even higher.

In the short run, the spike in mortgage rates might be causing more people to consider buying a home soon. Rates are still low by historical standards, and would-be buyers would want to lock them in before they rise further.

Mortgage rates are rising because they tend to track the yield on the 10-year Treasury note, a benchmark for most long-term interest rates. The 10-year yield began rising from near-record lows in May after speculation grew that the Fed might be closer to reducing its bond purchases.

In early May, the average rate on a 30-year mortgage was 3.35 percent, just above the record low of 3.31 percent.

But rates began to surge — and stocks plunged — after Fed Chairman Ben Bernanke made more explicit comments last week about the Fed’s plans. He said the Fed likely would begin to scale back its bond buying this year if the economy continued to strengthen.

The effect on buyers’ wallets in just the past two months is striking.

A buyer who locked in a 3.35 percent rate in early May on a $300,000 mortgage would pay $1332 a month, according to  The same mortgage at a 4.46 percent rate would run $1512 a month.

The difference: $180 more a month, or $64,800 over the life of the loan. Those figures do not include taxes, insurance or initial down payments.

Mortgage Rates continue to climb

(June 14-2013) Mortgage rates continued their upward trend last week, according to new data released Thursday by Freddie Mac.

The 30-year fixed-rate average last week increased from 3.91 percent to 3.98 percent, coming close to the 4-percent mark, which  has not been surpassed in more than a year. This time last year, the 30-year averaged 3.71 percent.

Rates for  15-year mortgage average pushed  higher, up to 3.10 percent from 3.03 percent last week. That is slightly higher than one year ago, when it averaged 2.98 percent.

“Fixed mortgage rates crept up further this week following a solid employment report for May,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement. “The economy added 175,000 new jobs and the number of discouraged workers fell by 780,000 to the fewest since September 2009.”

“With the ongoing run up in fixed mortgage rates, adjustable-rate mortgages are becoming more popular among homeowners looking to refinance and for home purchasers,” Nothaft said, noting that, in terms of total dollars, the share of mortgage applications for ARMs has jumped to 17 percent from 13 percent at the beginning of May.

The number of individuals who are underwater on their mortgages is falling, too. On Wednesday, CoreLogic, a research firm, reported that the number of homeowners who owe more than their homes are currently worth dropped to 9.7 million during the first quarter of the year, down from 11.4 million during the same period in 2012.

The shift is largely the result of a gradual increase in home prices earlier this year, which helped more homeowners get back into the black on their mortgages.

Preferred Lenders

Visit Our Preferred Financial Partners

No charge for credit reports.  No junk fees.  That´s the pledge from lenders we have hand selected to earn ‘preferred’ status to offer mortgage services to Liz Moore & Associates´ buyers.  And adding up the dollars NOT spent on extraneous fees results in an amazing amount of money our buyers now have to spend on their new homes!  When it´s your home, everything counts.

Contact John@MRWilliamsburg.com and he will put you in touch with one of our preferred lenders who can answer any of your mortgage or refinance questions.

Mortgage rates fell this week at the start of spring home-buying season.

After a few weeks of upward movement, mortgage rates reversed course this week, according to the latest data released by Freddie Mac.

The average 30-year, fixed-rate mortgage was 3.54 percent, down from 3.63 percent last week. Last year, the rate was an average of 4.08 percent.

The 15-year, fixed-rate mortgage average also dropped. It fell to 2.72 percent, down from 2.79 percent last week.

Since climbing above 3.5 percent in late January, the 30-year fixed rate had held steady or increased in every week but one.

30 year mortgage rate history

“Low and stable inflation is placing downward pressure on fixed mortgage rates,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement. “Annual growth in the consumer price index has remained at or below 2 percent for the past four months, and for the producer price index even lower. This, in part, is why the Federal Reserve monetary policy committee on March 20th lowered the upper end of its inflation forecast for 2013. ”

Nothaft said that Freddie Mac expects mortgage rates to remain below 4 percent through this year. (2013)

Want to explore monthly payments and mortgage options ? Drop me a line John@MrWilliamsburg.com and I will connect you with one of our preferred lenders pronto.

Mortgage hoops: The days of easy loans are over

Five to 10 years ago, lenders passed out mortgages as eagerly as parents hiding Easter eggs for the first time.

“Money was free. Anybody could play,” said Van Rose, president of Rose & Womble Realty Co.’s new-homes division. “You needed no credit. You needed no breath.”

Mortgage applications? “You could write one from the grave and get it approved,” he said.

Hyperbole, sure, but sowed with a grain of truth. It was a different time.

Now, several years after the housing bubble burst, the pendulum has made a full swing. Lenders say their customers are often caught off guard by a mortgage application process made more rigorous by federal regulations.

Here are some of the hoops you have to jump through before you get the golden egg, er, mortgage – and offer some suggestions that might improve your chances.

HOOP #1: DOWN PAYMENT]

Read more here

Top 10 VA Military home buyer benefits !

VA Loans are a fantastic way for Veterans, Active Duty, Retired military, Coast Guard, etc. to buy a home with zero down payment and no mortgage insurance.We get a large number of military buyers in  Yorktown, Williamsburg and the surrounding areas of Hampton Roads.

Did you know that  buyers using a VA loan can get ALL of their closing costs and prepaids paid by the seller PLUS an 4% in additional concessions?

I will say that as our market improves it will become more difficult to get this level of concessions but it doesn’t hurt to try..

The following costs can be paid with the 4% additional  seller concessions

· Payment of buyers VA funding fee

· Real estate taxes paid in advance

· Hazard insurance premiums

· Appliances

· Gift card for Lowes, Home Depot, etc.

· Gifts for the home such as televisions or microwaves

· Payment of extra points to provide permanent interest rate buy downs

· Provision of escrowed funds to provide temporary interest rate buy downs

· Payoff of credit balances or judgments on behalf of the buyer

· Payoff of buyers debt

These seller concessions are not allowed:

· More than 30 days of interest

· Payment abatements

· Cash

· Decorating allowances (including carpet, flooring, etc.)

· Moving costs

 

FINANCING CHECKLIST

Home Financing ChecklistOne of the most important steps you will take when you prepare to search for your new home is to determine how much home you can afford, and then to secure a loan pre-approval for that amount.

At Liz Moore & Associates, we’ve tried to take much of the stress out of this process by providing experienced guidance on the pre-approval process, the numerous mortgage products available and even help you select the lender that will best meet your specific situation.

There are several documents you will need to gather in advance to expedite your loan application. At a minimum, you should have the information listed on our Home Financing Checklist.

Want to chat about mortgage options, rates, VA Loans, FHA,  Reverse Mortgages, Conventional Loans or getting approved ?

Contact me and I will put you in touch with one of our preferred lenders.

John@MrWilliamsburg.com

I specialize in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets of Hampton Roads. . I offer Active Duty friendly support to families PCSing/ relocating to Ft Eustis, Yorkttown Naval Weapons Station, Langley Air Force Base and Cheatham Annex.

Thank you for serving our Country, and I look forward to serving your real estate needs!

If you’re interested in buying a home for sale call 757 254 8136 or e-mail me at John@MrWilliamsburg.com

Mortgage Rates Trending Higher

February 2013-"Mortgage rates continued to trend upwards this week amid a growing economy led in part by the recovering housing market. For instance, new home sales totaled 367,000 in 2012, the most in three years and reflected the first annual increase in seven years. Pending home sales in 2012 averaged its highest reading since 2006. And the S&P/Case-Shiller® 20-city composite house price index rose 5.5 percent over the 12-months ending in November 2012, the largest annual growth since August 2006. All of these factors helped residential fixed investment to add nearly 0.4 percentage points to real GDP growth in the fourth quarter alone."

Freddie Mac released their results showing mortgage rates continuing to trend higher amid a growing economy led in part by the recovering housing market. This marks the first week the 30-year fixed-rate mortgage has averaged above 3.5 percent since September 13thof last year. The all-time record low for the 30-year fixed was set the week of November 21, 2012, when it averaged 3.31 percent.

 

image

Rate Updates:

  • 30-year fixed-rate mortgage  averaged 3.53 percent with an average 0.7 point for the week ending January 31, 2013, up from last week when it averaged 3.42 percent. Last year at this time, the 30-year FRM averaged 3.87 percent.
  • 15-year FRM this week averaged 2.81 percent with an average 0.7 point, up from last week when it averaged 2.71 percent. A year ago at this time, the 15-year FRM averaged 3.14 percent.

    Financing Checklist

    Home Financing ChecklistOne of the most important steps you will take when you prepare to search for your new home is to determine how much home you can afford, and then to secure a loan pre-approval for that amount.

    At Liz Moore & Associates, we’ve tried to take much of the stress out of this process by providing experienced guidance on the pre-approval process, the numerous mortgage products available and even help you select the lender that will best meet your specific situation.

    There are several documents you will need to gather in advance to expedite your loan application. At a minimum, you should have the information listed on our Home Financing Checklist.

    Want to chat about mortgage options, rates, VA Loans, FHA,  Reverse Mortgages, Conventional Loans or getting approved ?

    Contact me and I will put you in touch with one of our prefferred lenders.

    John@MrWilliamsburg.com