Thursday, September 23, 2010
I just learned from Laura Hall with Corporate Investors that 5-1 Arms are under 3%. I could not believe it. Here are the most update rates:
Weekly Interest Rate Update
Financing Progam
Rates
Fixed 30-Year to $417K
3.875%
Fixed 30-Year Jumbo
4.875%
Fixed 30-Year FHA
4.0%
Fixed 15-Year to $417K
3.375%
5/1 ARM to $417K
2.875%
5/1 ARM Jumbo
3.25%
30 year rates are holding steady at under 4% which is also tremendous. This is a great time to buy. Inventory is excellent and interest rates could not be better.
Here is our local market update:
Chapel Hill
- Closed sales are up 14% over 2009.
- The median sales price is up 2.3%.
- The average sales price is down 2.5%.
- The list to sales price ratio is 96.6%.
- The average days on market have increased 12.9%, from 97 to 110 days.
Durham
- Closed sales are on par with last year, they are neither up or down.
- The median sales prie is down 2.3%.
- Average prices are down 4.5%.
- The list to sales price ratio is 96.5%
- Average days on market are the same at 87 days.
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