According to Freddie Mac's latest Primary Mortgage Market Survey, the average mortgage rates hitting their lowest mark of the year in Mid-May 2017.
Sean Becketti, chief economist of Freddie Mac said, "As we predicted, the 30-year mortgage rate fell 7 basis points this week in a delayed reaction to last week's sharp drop in Treasury yields. The survey rate stands at 3.95 percent today, a new low for the year."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.5 point for the week ending May 25, 2017, down from last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 3.64 percent.
15-year FRM this week averaged 3.19 percent with an average 0.5 point, down from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.89 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.07 percent this week with an average 0.4 point, down from last week when it averaged 3.13 percent. A year ago at this time, the 5-year ARM averaged 2.87 percent.
Michael Gerrity has been at the forefront of real estate for more than 30 years. First, the Orlando native had a stellar real estate brokerage career, selling and leasing nearly $300 million worth of commercial office transactions.
According to Zillow, nearly one in 20 residential ZIP codes in the U.S. meets the definition of a $1 Million Neighborhood, meaning at least 10 percent of the homes there are worth seven figures or more.
According to the Real Estate Board of New York's latest Residential Sales Report, New York City residential sales market registered a 19 percent rise in citywide consideration (monetary value for completed transactions) totaling $13.4 billion in the second quarter of 2017.
According to Yardi Matrix and Property Shark, the Manhattan office market seems to be picking up steam as 2017 advances. The average price per square foot for office buildings trading in the borough is once again on the rise, even though the year's second quarter failed to reach previous Q2 levels.