Weekly Interest Rate Overview

The Markets. Rates increased in the past week, but this data was released before the effects of the budget settlement were factored into the equation. Freddie Mac announced that for the week ending October 17th, 30-year fixed rates increased to 4.28% from 4.23% the week before. The average for 15-year loans also rose slightly to 3.33%. Adjustable rates were mixed, with the average for one-year adjustables falling slightly to 2.63% and five-year adjustables increasing slightly to 3.07%. A year ago 30-year fixed rates were at 3.37%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac — “Rates edged up leading to the federal budget deadline this week. Recent confidence measures depict some of the effects of the government shutdown and uncertainty of the budget impasse. For instance, consumer sentiment in October fell for the second straight month to the lowest reading since January, according to the University of Michigan. Similarly, October’s homebuilder confidence fell to a four-month low. However, despite these downturns in confidence, applications for home loans rose for the second consecutive week as of October 11th, elevated by increases in applications for refinancing.”   Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated October 18, 2013

  Daily Value Monthly Value
  Oct 17 September
6-month Treasury Security 0.08%  0.04%
1-year Treasury Security 0.13%  0.12%
3-year Treasury Security 0.61%  0.78%
5-year Treasury Security 1.35%  1.60%
10-year Treasury Security 2.61%  2.81%
12-month LIBOR    0.653% (Sept)
12-month MTA    0.144% (Sept)
11th District Cost of Funds    0.956% (Aug)
Prime Rate    3.25%

Q3 2013 Brooklyn Residential Sales Market Report

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The Q3 2013 Brooklyn Residential Sales Market Report is now available.  This report provides a comprehensive overview of current sales market conditions and tracks trends market wide and by neighborhood. 

Intense buyer demand for housing drove pricing trends as it was met with limited available properties; the result was rapid absorption and price increases across the board.
A few report highlights:
·         Market-wide closed sales totaled 1,146, a 9% increase year over year and a 16% increase compared to last quarter.
·         The market-wide average price per square foot rose to $693 this quarter, a 9% increase year-over-year, while the average sale price of $662,000 increased 8% year-over-year.
·         Prices for townhomes displayed year-over-year improvement, particularly the two-to-four family townhouses market, where double-digit median sales price increases were recorded throughout the borough.
Full report is available here

Weekly Interest Rate Overview

The Markets. Rates stabilized in the past week after dropping for the previous three weeks. Freddie Mac announced that for the week ending October 10th, 30-year fixed rates increased slightly to 4.23% from 4.22% the week before. The average for 15-year loans also rose slightly to 3.31%. Adjustable rates followed fixed rates slightly higher as well, with the average for one-year adjustables rising to 2.64% and five-year adjustables increasing to 3.05%. A year ago 30-year fixed rates were at 3.39%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac — “Rates on home loans were little changed amid the federal debt impasse in Washington, D.C. and a light week of economic data releases. Of the few releases, the private sector added an estimated 166,000 jobs in September, which were fewer than the market consensus and followed a downward revision of 17,000 workers in August, according to the ADP Research Institute. The Institute for Supply Management reported a greater slowing in growth in the nonmanufacturing industry in September than the market consensus forecast.”  Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated October 11, 2013

  Daily Value Monthly Value
  Oct 10 September
6-month Treasury Security 0.07%  0.04%
1-year Treasury Security 0.14%  0.12%
3-year Treasury Security 0.68%  0.78%
5-year Treasury Security 1.44%  1.60%
10-year Treasury Security 2.71%  2.81%
12-month LIBOR    0.653% (Sept)
12-month MTA    0.144% (Sept)
11th District Cost of Funds    0.956% (Aug)
Prime Rate    3.25%

The Q3 2013 Manhattan Residential Sales Market Report

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A few highlights from the Third Quarter:

·         Despite diminishing inventory levels, the Manhattan sales market thrived in Q3 2013 with 4,164 closings recorded, 5% higher than the same period a year before.  Last quarter also marked the highest level of sales activity since Q2 2008 – the last time there were more closings in a single quarter listed inventory was 73% higher.

·         Prices reflected strong local, national and international demand, historically low interest rates and a continued influx of all-cash buyers.  Market wide average price per square foot reached $1,170 – an increase of 11% from Q2 2012 and 5% from Q2 2013.

·         Market wide median price for resale co-ops and condos both reached an all-time high this quarter – at $720,000 and $1,220,000, respectively.

·         Inventory continued an established decline with 20% fewer listings available than a year prior.

Full report can be accessed here.

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