Five Housing Trends in Summer 2011
Low mortgage rates and the bargains to be found in the vast inventory of distressed homes for sale are making this a buyer's market. In many areas it has become cheaper to own than to rent.
Many potential buyers stand on the sidelines, scared off by difficulties in getting approved for mortgages and fearful of a double-dip in housing prices. One bright spot for buyers and those wanting to refinance is that jumbo loans are becoming easier to get.
Here are some of the housing and mortgage trends you should expect to see for summer 2011.
Rates might remain low, but not quite this low
Mortgage rates are near record lows, but some mortgage experts say the party won't last long as they expect rates to climb in the next few months. They don't foresee a major spike, but rather an adjustment to bring them back to "normal" levels.
Michael Becker, a mortgage banker at Happy Mortgage in Lutherville, Md., says rates eventually will rise, but it's not likely to happen until the U.S. economy becomes stronger.
"I think the low rates will last at least through the summer," he says. "But they may start rising before that if the economy shows some improvement."
As many others in the mortgage industry, Becker's advice is to take advantage of the low rates available now rather than gambling on the possibility of getting an even better deal if you wait. The flood of foreclosed homes won't ebb
Homebuyers in search of bargains who are willing to do some remodeling have plenty to choose from as lenders try to unload a vast inventory of foreclosed homes.
In the first three months of the year, bank-owned properties (and properties that are in some stage of foreclosure) sold for about 27% below the average sales prices of properties not in foreclosure, according to RealtyTrac.
Nearly one in three homes sold nationwide during the first half of this year was a distressed property, says Lawrence Yun, chief economist for the National Association of Realtors . The trend is expected to continue at least through the rest of the year.
"The number of distressed mortgages remains very elevated," Yun says. "One can comfortably say distressed properties will remain available to buyers (with comparable prices) through the remainder of this year and into next year."
Before you grab one of these tempting deals, be aware that most distressed homes require some upfront remodeling costs, he says.
Jumbo Loan Rates - News
One bright spot for buyers and those wanting to refinance is that jumbo loans are becoming easier to get. Here are some of the housing and mortgage trends you should expect to see for summer 2011. Mortgage rates are near record lows, but some mortgage
The APR for conventional loan amounts is calculated using a loan amount of $417000, 1 point, a $495 application fee, $400 appraisal fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan
Photographer: Daniel Acker/ June 28 () -- When new lower limits on US government-backed mortgages take effect Oct. 1, buyers of pricier homes may be forced into jumbo loans, which carry higher interest rates and require bigger down
Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan and require a higher down payment, increasing the monthly payment and negatively affecting housing affordability for California home buyers.
Mortgage rates were following slowly, industry officials said. Laguna Niguel mortgage broker Jeff Lazerson said he was telling borrowers with good credit on Wednesday that they could get a fixed-rate 30-year, non-jumbo loan at 4.625% with zero closing
daily mortgage rates (Jul 6, 2011)
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What is the current mortgage loan limit before jumbo loan rates take effect in Clive, Iowa? $417K or more? 
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