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Kenneth Bargers' Blog

By Kenneth Bargers | Home Buyer in Nashville, TN
  • Did you know… It is a great time to buy your next home

    Posted Under: Market Conditions in Nashville, Home Buying in Nashville, Financing in Nashville  |  April 15, 2014 6:36 AM  |  218 views  |  1 comment

    Did you know… It is a great time to buy your next home
    Article by Brian Smith, Senior Loan Advisor of Movement Mortgage

    The cost of waiting to buy a home continues to increase. In just 2013 alone, the cost of purchasing a home increased roughly 25% for buyers, as home prices surged between 12%-20% in most markets and mortgage rates increased from 3.25% to 4.5%, which resulted in a 13% increase in mortgage payments. Already in 2014, mortgage rates and home prices are continuing to increase.

    didyouknowapril2014It is important that buyers consider rising interest rates and rising home prices when thinking about the true cost of a home. Remember, cost is not determined by price alone but by price and AND mortgage rate. The longer a buyer waits, the higher the mortgage payment will be if rates and home prices continue to increase.

    For example, let’s take a $250k home that a buyer can buy today with a 4.4% rate; the non-escrowed payment is $1,251 on a 30 year fixed loan.

    But if home prices increase from $250k to $261,250 this time next year (which is just an annual increase in value of 4.5%), and rates increase to 5.3%, the monthly payment now increases to $1,450, a difference of $199 per month.

    That means a buyer who waits a year to purchase a home, would pay an additional $71,578 in interest and payments over the life of the loan to purchase the same home.

    Source: Brian Smith | Senior Loan Advisor | Movement Mortgage
    (615) 525-8094 | brian@tnhomelender.com

    KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
    a proud member of Pilkerton Realtors

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    2 Cadillac Drive, Brentwood TN 37027 address

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  • Mortgage Rates Slide for Fifth Straight Week

    Posted Under: Market Conditions in Nashville, Home Buying in Nashville, Financing in Nashville  |  February 7, 2014 3:43 PM  |  214 views  |  No comments

    Mortgage Rates Slide for Fifth Straight Week
    Article by Daily Real Estate News; February 07, 2014

    Mortgage rates continued to inch down this week as the 30-year fixed-rate mortgage averaged 4.23 percent, Freddie Mac reports in its weekly mortgage market survey.

    “Mortgage rates fell further this week following the release of weaker housing data,” Frank Nothaft, Freddie Mac’s chief economist says. “The pending home sales index fell 8.7 percent in December to its lowest level since October 2011. Fixed residential investment negatively contributed to GDP in the fourth quarter for the first time since the third quarter of 2010.”

    Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 6:

    • 30-year fixed-rate mortgages: averaged 4.23 percent, with an average 0.7 point, dropping from last week’s 4.32 percent average. Last year at this time, 30-year rates averaged 3.53 percent.
    • 15-year fixed-rate mortgages: averaged 3.33 percent, with an average 0.7 point, falling from last week’s 3.40 percent average. A year ago at this time, 15-year rates averaged 2.77 percent.
    • 5-year hybrid adjustable-rate mortgages: averaged 3.08 percent, with an average 0.5 point, falling from last week’s 3.12 percent average. Last year at this time, 5-year ARMs averaged 2.63 percent.
    • 1-year ARMs: averaged 2.51 percent, with an average 0.5 point, dropping from last week’s 2.55 percent average. A year ago, 1-year ARMs averaged 2.53 percent.

    Source: Freddie Mac; Daily Real Estate News (020714) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

  • 30-Year Mortgage Rates Edge Above 4%

    Posted Under: Market Conditions in Nashville, Home Buying in Nashville, Financing in Nashville  |  March 24, 2012 7:29 AM  |  392 views  |  No comments

    Article by: Daily Real Estate News (March 23, 2012)

    30-Year Mortgage Rates Edge Above 4%

    Mortgage rates moved up quite a bit this week, following higher bond yields and improving economic data, Freddie Mac reports in its weekly mortgage market survey.

    “Mortgage rates are catching up with increases in U.S. Treasury bond yields, placing the average 30-year fixed mortgage rate above 4 percent for the first time since the end of October 2011,” says Frank Nothaft, Freddie Mac’s chief economist. “Bond yields rose over the past two weeks in part due to an improving assessment of the state of the economy by the Federal Reserve, better than expected results of commercial bank stress tests, and the likelihood of a second bailout for Greece.”

    The 30-year mortgage rate, the most popular choice of home buyers, took a big leap upward, after hovering below 4 percent and sitting at all-time record lows for weeks.

    Here’s a closer look at rates for the week ending March 22:

    • 30-year fixed-rate mortgages: averaged 4.08 percent, with an average 0.8 point, up from last week’s 3.92 percent. The 30-year rate has not been above 4 percent since Oct. 27, 2011, when it averaged 4.10 percent. Since then, it has hovered below 4 percent and at all-time record lows.
    • 15-year fixed-rate mortgages: averaged 3.30 percent, with an average 0.8 point, also rising from last week’s 3.16 percent average. Last year at this time, 15-year rates averaged 4.04 percent.
    • 5-year adjustable-rate mortgages: averaged 2.96 percent, with an average 0.7 point, a rise over last week’s 2.83 percent average. Last year, 5-year ARMs averaged 3.62 percent at this time.
    • 1-year ARMs: averaged 2.84 percent, with an average 0.6 point, rising from last week’s 2.79 percent. A year ago at this time, 1-year ARMs averaged 3.21 percent.

    Source: Freddie Mac; Daily Real Estate News (March 23, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

  • 30-Year Rates Stay Below 4%, Affordability High

    Posted Under: Market Conditions in Nashville, Home Buying in Nashville, Financing in Nashville  |  March 16, 2012 5:46 PM  |  274 views  |  No comments

    Article by: Daily Real Estate News; March 16, 2012

    30-Year Rates Stay Below 4%, Affordability High

    Mortgage rates are staying low by historical standards, despite inching slightly higher this week following a positive job report and increasing bond yields, Freddie Mac reports in its weekly mortgage market survey.

    “An upbeat employment report for February caused U.S. Treasury bond yields to increase over the week, and mortgage rates followed,” says Frank Nothaft, Freddie Mac’s chief economist. “Job growth over the last six months was the strongest since 2006.”

    For 15 consecutive weeks, 30-year rates, the most popular choice among home buyers, have averaged below 4 percent.

    The following is a closer look at rates for the week ending March 15:

    • 30-year fixed-rate mortgages: averaged 3.92 percent, with an average 0.8 point, inching up from last week’s 3.88 percent average (which was only 0.01 percent above an all-time record low). A year ago at this time, 30-year rates averaged 4.76 percent.
    • 15-year fixed-rate mortgages: averaged 3.16 percent, with an average 0.8 point, climbing from last week’s record reaching 3.13 percent average. Last year at this time, 15-year rates averaged 3.97 percent.
    • 5-year adjustable-rate mortgages: averaged 2.83 percent, with an average 0.8 point, also slightly up from last week’s 2.81 percent average. Last year, 5-year ARMs averaged 3.57 percent at this time of year.
    • 1-year ARMs: averaged 2.79 percent, with an average 0.6 point, rising from last week’s 2.73 percent average. Last year, 1-year ARMs averaged 3.17 percent.

    Source: Freddie Mac; Daily Real Estate News (March 16, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

  • Mortgage Applications Surge 23%

    Posted Under: Market Conditions in Nashville, Home Buying in Nashville, Financing in Nashville  |  January 18, 2012 11:04 AM  |  670 views  |  No comments

    Article by: “Mortgage Applications Surge on Refinancing Demand,” Reuters (011812); Daily Real Estate News (011812) ————-

    MORTGAGE APPLICATIONS SURGE 23%

    Record-low mortgage rates sparked a wave in mortgage applications for home purchase and refinancings last week, increasing more than 20 percent in a week, the Mortgage Bankers Association reports.

    For the week ending Jan. 13, mortgage applications for refinancing applications jumped 26.4 percent while home purchase applications, a future gauge for home buying, increased 10.3 percent.

    “With mortgage rates reaching new lows, refinance volume jumped,” Michael Fratantoni, MBA’s vice president of research and economics, said in a statement. “Purchase activity also increased as buyers returned to the market after the holiday season.”

    Freddie Mac reported that 30-year fixed-rate mortgage averaged a record low of 3.89 percent for the week ending Jan. 12. For six consecutive weeks, 30-year fixed-rate mortgages — the most popular choice among home buyers — has averaged below 4 percent.

    Source: “Mortgage Applications Surge on Refinancing Demand,” Reuters (Jan. 18, 2012); Daily Real Estate News (011812) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

  • Demand for Mortgage Applications Climbs

    Posted Under: Market Conditions in Nashville, Home Buying in Nashville, Financing in Nashville  |  October 27, 2011 7:09 AM  |  584 views  |  No comments

    Mortgage applications for home purchases and refinancing increased last week, as more buyers and home owners rushed to take advantage of ultra-low interest rates.

    Mortgage applications for purchase — a gauge for future home buying — jumped 6.4 percent last week, according to the Mortgage Bankers Association.

    The increase helped send overall mortgage applications soaring 4.9 percent last week. Refinance activity, which accounted for 77.3 percent of all mortgage applications, increased 4.4 percent from the previous week.

    The Mortgage Bankers Association reports that in September investors accounted for 6 percent of mortgage application activity, a 5.7 percent jump from the previous month.

    Source: “Mortgage Applications Increase 4.9%,” HousingWire (Oct. 25, 2011); Daily Real Estate News (102611); Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

  • Improved Job Report Sends Mortgage Rates Higher

    Posted Under: Market Conditions in Nashville, Financing in Nashville  |  October 14, 2011 11:05 AM  |  512 views  |  No comments

    After posting record lows the last few weeks, mortgage rates inched higher this week, Freddie Mac reports in its weekly mortgage market survey. Yet, rates still remain near 60-year lows.

    “An employment report that was better than market expectations helped to lift long-term Treasury bond yields and mortgage rates as well,” Frank Nothaft, Freddie Mac’s chief economist, notes. In September, the economy added 103,000 workers; however, the unemployment rate still remained high at 9.1 percent.

    Here’s a closer look at rates for the week ending Oct. 13.

    • 30-year fixed-rate mortgages: averaged 4.12 percent, with an average 0.8 point, moving up from last week’s record-hitting 3.94 percent average. A year ago at this time, 30-year rates averaged 4.19 percent.
    • 15-year fixed-rate mortgages: averaged 3.37 percent with an average 0.8 point–that’s up slightly from last week’s low of 3.26 percent average. Last year at this time, 15-year rates averaged 3.62 percent.
    • 5-year adjustable-rate mortgages: averaged 3.06 percent, with an average 0.6 point, and inching up from last week’s 2.96 percent. Last year at this time, the 5-year ARM averaged 3.47 percent.
    • 1-year ARMs: averaged 2.90 percent with an average 0.6 point, a drop from last week’s 2.95 average. A year ago, 1-year ARMs averaged 3.43 percent.

    Source: Freddie Mac; Daily Real Estate News, 101411; Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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