Mortgage Rates Amazingly Low, Continue To Fall

30-year fixed mortgage rates are now at 4% for well-qualified borrowers who pay .07 to 1 point origination shows FreeRateUpdate.com research of wholesale lenders' interest rate sheets. 15-year fixed mortgage rates are at 3.5%. Both fixed mortgage rates, which continue to decline, are at all time record low levels. FHA mortgage rates remain at similar levels to conforming rates. FHA 30-year fixed loan rates are at 4%; however, APR on an FHA loan at 4% is quite higher than that of a conforming mortgage at the same note rate. Why? MI at 2.25% of the amount financed and other FHA fees drive up closing costs.
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Source: realtytimes.com

Housing Starts Rose in July

Is it welcome news to the many slowly recovering housing markets? Real estate is waiting on a marked recovery from the recession, and some of the latest regional housing start figures seem to show it could be happening. According to the U.S. Commerce Department, "Housing starts increased 1.7 percent, consistent with private­sector expectations of a 2.0 percent increase."
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Source: realtytimes.com

Napier Realtors Proudly Sponsors new USO Center at RIC

Napier Realtors is proud to be a founding sponsor of the new USO Center that just opened at Richmond International Airport.

Since the USO’s primary mission is to enhance the quality of life of the U.S. Armed Forces personnel and their families, partnering with the USO right here in the Richmond area is a way for Napier Realtors to show their heartfelt thanks to our men and women in uniform and their families.



The agents and staff at Napier's four area offices are collecting items to donate to the Center -- snacks, drinks, paperback books, magazines, and toiletry items such as travel size hand sanitizer, lotion, and lip balm -- and committing to volunteer their time to work in the Center one day a month. The cart of donations has been overflowing with goodies for "our" troops!

A huge THANK YOU! to everyone for donating items that were on the Center's wish list or giving of your time by volunteering at the Center!!

New-Home Sales Bounce Back from Record Low in June

July 26, 2010 - Coming off an historic low in May, sales of newly built, single-family homes rose 23.6 percent to a seasonally adjusted annual rate of 330,000 units in June, according to U.S. Commerce Department data released today. “Today’s numbers are an encouraging sign that new-home sales are coming back from an expected slow period that followed the expiration of the home buyer tax credit program,” said Bob Jones, chairman of the National Association of Home Builders (NAHB) and a home builder from Bloomfield Hills, Mich. “While we still have quite a way to go on the path to recovery, it’s good to see that we are headed in the right direction.”
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Source: nahb.com