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Mortgage Rates Reverse Course
Freddie Mac reported Thursday that mortgage interest rates have done a 180 and are now starting to climb, buoyed by positive housing data over recent weeks which show the market ended 2011 on a high note. Still, interest rates on home loans remain extremely low by historical standards. For the week ending January 26, the 30-year fixed-rate mortgage averaged 3.98 percent (0.7 point), reversing its previous three-week trend of setting all-time record lows. Despite the jump, this marks the eighth consecutive week the 30-year fixed rate has remained below 4.00 percent. The 30-year rate jumped 10 basis points over the past week, up from 3.88 percent reported by the GSE last Thursday. As a point of comparison, though, last year at this time the 30-year averaged 4.80 percent. Freddie Mac’s study puts the 15-year fixed-rate mortgage at 3.24 percent (0.8 point) this week, up from last week’s average of 3.17 percent. A year ago at this time, the 15-year rate was averaging 4.09 percent. The 5-year adjustable-rate mortgage (ARM) averaged 2.85 percent (0.7 point) this week. It was 2.82 percent last week and 3.70 percent this time last year. The 1-year ARM was the only loan product in Freddie’s study that did not show upward movement, but there was no downward movement either. It came in at 2.74 percent (0.6 point), matching last week’s average. A year ago, the 1-year ARM averaged 3.26... [Read more about this property...]
B.R. home sales end 2011 on positive run
By Steve Sanoski Published Jan 17, 2012 at 8:57 am (Updated Jan 17, 2012) Home sales in the eight-parish Capital Region ended 2011 on a seven-month run of increases over 2010 figures—with annual sales up 3%—and area realtors expect 2012 numbers to be even better. “Normally we start trending down in September and October, but this year we kept pace and even saw increases. It was pretty amazing,” says Laura Smith of Re/MAX First Partners Team. “2012 has been great so far. Our showings are up already, and we’re even starting to see more interest and sales on some of our higher-priced homes, which is a really good indicator that people are feeling better about buying.” Smith says her office closed on 30% more properties in 2011 than it did in 2010. Though she admits that kind of increase is unlikely to be repeated this year, she does believe 2012 sales will outpace last year’s, given the historically low mortgage rates and increasing consumer confidence. Greater Baton Rouge Association of Realtors Executive Vice President Herb Gomez says he also expects marginal increases in 2012 as the market slowly and steadily recovers. Both Smith and Gomez say the worst effects of the recession are over, and the sales reports from GBRAR seem to support that sentiment. Total sales in 2011 were 6,581, a 3% increase over the 6,386 sales in 2010. That’s... [Read more about this property...]
2 Lots for Sale in Central, 108 Charleston & 17168 Pin Cherry
108 Charleston $40,000 17168 Pin Cherry $130,000
