Recent Statistics for Salt Lake City Real Estate

Sales of previously owned homes in Salt Lake County in Februrary decreased 2% compared to February 2010.  The median price in Salt Lake County was down 13% compared to February of 2010. BUT year to date in Salt Lake County, we are still up 2% compared to 2010.  For more statistics, contact me at scott.robbins@utahhomes.com.

Salt Lake City Market Update for 1/17/11

MBA: Mortgage loan applications increase 2.7%

Wednesday, September 1st, 2010, 7:21 am

 

The number of mortgage applications last week rose 2.7% on a seasonally adjusted basis from the prior week, once again pushed up by refinancing activity that remains at the highest level since May 2009, according to the Mortgage Bankers Association.

The MBA said the index rose 2.3% on an unadjusted basis. The seasonally adjusted refinance index climbed 2.8% for the week ended Aug. 27 from the week earlier. The purchase index rose 1.8% for the week.

“Refinancing activity picked up again last week, reaching new 15-month highs, as borrowers took advantage of even lower mortgage rates,” MBA vice president of research and economics Michael Fratantoni said. “The drop in mortgage rates was in line with Treasury rates as the latest data continue to show weak economic growth and an exceptionally weak housing market.”

In four-week moving averages, the seasonally adjusted market index is up 5.2%, the purchase index is down 0.2% and the refinance index is up 6.3%.

Fratantoni said the sharp decline in the firm’s purchase application index in May foreshadowed the drops in home sales the following two months, and he doesn’t expect sales activity to increase for August or September.

Refinancings accounted for 82.9% of all mortgage applications last week, up from 82.4% the week prior and at the highest level since January 2009. MBA said the unadjusted purchase index decreased 0.4% from the prior week and is 37% lower than the year ago.

Interest rates for 30-year fixed and 15-year fixed mortgages continue descending to the lowest rates ever recorded by the MBA survey. The average rate for the 30-year fell to 4.43% from 4.55% and the 15-year decreased to 3.88% from 3.91%.

The Mortgage Maxx weekly index, which adjusts data to reflect the number of households applying for a mortgage, showed application activity rose 6.9% last week after dropping 2.4% the week before.

FHA is set to reduce closing costs paid by a seller…

The FHA will reduce allowable seller concessions — the percentage sellers can take from the sales price of a home to fund closing costs — from 6% to 3%. According to an announcement in January, the current level of 6% exposes the FHA to excess risk by creating incentives for appraisers to increase the value of these homes. The change will take place in “early summer,” according to the FHA, but a spokesperson said no specific date has been set.

The closing costs include fees for origination, attorneys, appraisal and inspections, title search, title insurance, credit reports, and more. Down payment assistance is not included as a closing cost.

If you are thinking about buying or selling a home please contact me for specific details and how this change can impact your real estate transaction.