Thinking of Moving Up or Listing Your Home?

March 10, 2017

NEW YORK – March 9, 2017 – Borrowers are getting spooked by rising mortgage rates and, as a result, rushing to lock in rates before any further increases. That, in turn, is pushing mortgage application volume higher – increasing a seasonally adjusted 3.3 percent week over week, the Mortgage Bankers Association reported Wednesday.

More buyers are also turning to adjustable-rate mortgages (ARMs) to try to get more savings in their monthly payments too.

“Mortgage rates increased last week as remarks by several key Federal Reserve officials strongly signaled a March rate increase,” says Joel Kan, an MBA economist. “This was further supported by a few solid economic data releases, including GDP, inflation and manufacturing gauges.”

The 30-year fixed-rate mortgage increased to 4.36 percent from 4.30 percent the previous week, the MBA reports; and the share of ARMs reached its highest level of mortgage applications since 2014. The average loan size for purchase applications also reached a survey high of $313,000.

Refinance volume was up 5 percent last week. Applications for home purchases rose 2 percent higher for the week and, and they’re about 4 percent higher than a year ago.

The MBA says mortgage volume remains 18 percent lower compared to the same week a year ago. Volume is mostly lower from a year ago due to a significant decrease in refinance applications from a year ago when interest rates were lower. Refinance volume is down 34 percent annually.

Source: “Borrowers Rush to Beat Rising Rates, Pushing Mortgage Volume 3.3% Higher,” CNBC (March 8, 2017)

© Copyright 2017 INFORMATION, INC. Bethesda, MD


Four deep-cleaning targets to help a home shine

September 16, 2016

BALTIMORE – Sept. 15, 2016 – Buyers are just more attracted to clean houses. And while a standard job may give a home a momentary shine, a deep clean of hidden spots may help provide the wow factor the house needs.

The Cleaning Authority offers the following tips on deep cleaning a home:

1. Use a top-to-bottom approach.

Begin at the top: Clear the cobwebs from the corners of the ceiling, dust off light fixtures and ceiling fans and clean off cabinet tops (including the top of the refrigerator). All of these areas tend to be prime dust collectors. Next, move on to the middle of the home: Wipe down walls, and touch up paint where needed. Remove build-up on light switch panels. Finally, clean the baseboards and floors.

2. Change air conditioner filters.

If the home seems to be perpetually dusty, the A/C filter and ducts may be the culprits. “If the filter needs to be changed or the duct needs repairing, you’re just recirculating the same dust throughout the home,” according to The Cleaning Authority.

3. Zoom in on the bathroom.

Beyond cleaning the typical spots, go further: Clean behind the toilet too. Check for rust where the toilet meets the floor, scrub the hinges on the toilet cap, and polish the shower, tub and faucet. Also, scrub the bathtub tile. Don’t neglect the rails on a glass shower door.

4. Clean behind the refrigerator.

You may be surprised at what you find behind your fridge, everything from decaying food to even a breeding ground for insects. Pull out the fridge and give it a good scrub underneath.

Source: The Cleaning Authority

© Copyright 2016 INFORMATION, INC. Bethesda, MD