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2017 Welcome to your new home in Daytona Beach

It’s January and there are a lot of great homes coming on the market!

Interest rates are expected to rise several times this year making the first quarter a great time to  buy! Home prices have been slowly rising in the central part of Florida, on average home values rose 12.5% over the last 12 months.

Below are some of the listings in our office but dont let that limit what you see you can also search all of the homes in the area by clicking here: SEARCH FOR FLORIDA HOMES AND CONDOS.  FHA loans have some great new savings you can see more information on them below the listings.

If you have any questions or would like to see any properties give  James Jestes a call  386 315 4744

FIND YOUR NEXT HOME IN THE DAYTONA BEACH AREA

Some great new on Mortgages

HUD announced yesterday that the monthly mortgage insurance premium for FHA has decreased effective with all closings on or after January 27, 2017.

For 30 year fixed mortgages, the monthly premiums are dropping by 25 basis points, from .85% to .60%.  This can equal big savings over the life of the loan, for example:  On a $200,000 loan amount, this equates to a monthly savings of approximately $50 per month.  This also increases purchasing power!

To read the entire HUD announcement, please click on the following link: https://portal.hud.gov/hudportal/documents/huddoc?id=17-01ml.pdf

Remember, Our lender can offer Mortgages for FHA loans down to a 580 credit score when most banks require a 620 or 640 score!   Call James Jestes today to be put in touch with a lender that can help you purchase your new home!

BEACH SIDE CONDOS AND HOMES FOR SALE

 

I look forward to hearing from you!

Your Florida Real Estate Agent

James Jestes

 

Average rate on 30-year mortgage falls to 3.81%

WITH MORTGAGE RATES DROPPING YOU CAN AFFORD A NEW HOME AT THE BEACH

WASHINGTON (AP) – Jan. 21, 2016 – Average long-term U.S. mortgage rates fell this week for a third straight week as global stock markets continued to be pounded by falling oil prices and worries over economic growth.

Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage declined to 3.81 percent from 3.92 percent a week earlier. That was its lowest level in three months. The rate has increased from its 3.63 percent average a year ago but remains well below its historic average of 6 percent.

The average rate on 15-year fixed-rate mortgages dipped to 3.10 percent from 3.19 percent.

On Wall Street Wednesday, stocks tumbled as the price of oil suffered its worst one-day drop since September. The Dow Jones industrial average dropped more than 500 points during the day. The market clawed back much of the decline but still ended sharply lower with a loss of 249.28 points, or 1.6 percent.

BANK OWNED HOMES FOR SALE DAYTONA BEACH

These are the newest homes on the market!

The continuing tumult in stock markets around the world has pushed up prices of U.S. government bonds as investors seek safety. That has depressed the yields on the bonds, which mortgage rates track.

The yield on the 10-year Treasury bond dropped to 1.98 percent Wednesday – its lowest level since October – from 2.09 percent a week earlier. The yield slipped further to 1.97 percent Thursday morning.

The benchmark yield has fallen sharply since the start of the year amid the stock market turbulence. At the end of 2015, it stood at 2.30 percent.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged from last week at 0.6 point. The fee for a 15-year loan remained at 0.5 point.

The average rate on five-year adjustable-rate mortgages dipped to 2.91 percent from 3.01 percent; the fee rose to 0.5 point from 0.4 point.

BEACHFRONT CONDOS FOR SALE