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Blog :: 06-2019

Mortgage Rates Drop to 2-Year Lows

Good news for homebuyers: The June 6th results of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) show that the 30-year fixed-rate mortgage rate has fallen to 3.82 percent, the lowest level since September 2017, and these rates are holding this week.  If you are considering buying, now is the time to take advantage of these low rates.

Freddie Mac Primary Mortgage Market Survey

Sam Khater, Freddie Mac’s chief economist, says, “While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, our research indicates that there can be a wide dispersion among mortgage rate offers. By shopping around and getting a single additional mortgage rate quote, a borrower can save an average of $1,500.”

  • 30-year fixed-rate mortgage (FRM) averaged 3.82 percent with an average 0.5 point for the week ending June 6, 2019, down from last week when it averaged 3.99 percent. A year ago at this time, the 30-year FRM averaged 4.54 percent. 
  • 15-year FRM averaged 3.28 percent with an average 0.5 point, down from last week when it averaged 3.46 percent. A year ago at this time, the 15-year FRM averaged 4.01 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.52 percent with an average 0.4 point, down from last week when it averaged 3.60 percent. A year ago at this time, the 5-year ARM averaged 3.74 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Borrowers may still pay closing costs which are not included in the survey.  

Source: Freddie Mac

If you have any questions about the local market, or if you're thinking about buying a home in the Greater Amherst and Northampton Area, contact Delap Real Estate.

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Nine ways to secure your home while on vacation.

Finally, it’s time for a much-deserved holiday. The last thing you want to do is fret about your home while you’re away. Before you pack up and head out for your annual week on the Cape or the cabin in Maine, take a few precautions so you can really relax!

toys at the beach

Nine ways to secure your home while on vacation:

1. Put Lights on timers

Simple timers, available online or at your local hardware store, can be plugged into your lights to create the illusion of occupancy. Automatic motion sensor lights by your entrance are both useful when you are home and a real deterrent to potential thieves.

1. Install a home monitoring system

There are many affordable home monitoring systems on the market today. A simple monitoring camera such as the Wyze Cam is easy to install, allowing you to check in on your home remotely from your phone. More advanced programs such as Indigo Home Automation or Domoticz work with devices like X10 that plug into electronic outlets, allowing you to turn lights on and off remotely and monitor your home from virtually anywhere in the world. Some offer instant phone alerts in case of fire or break-in.

house lit up at night

3. Leave a key with a friend or family member

Having a trusted person close by to periodically check on your home is a real benefit.  You’ll also have someone to call on if something comes up that requires access, or if you lose your keys while away. Do not leave your hide-a-key in its usual spot. Chances are a determined thief can find it.

4. Enlist a house sitter

If you have pets or are going to be gone for an extended period, have a friend or family member house sit. Your pets and plants will get the most personalized attention, and you will have the peace of mind of knowing someone is there to keep an eye on things.

5. Keep up on yard maintenance

Keep a regular schedule of yard and pool maintenance so that your home does not look neglected. If you usually take care of these tasks yourself, hire a local company to maintain things temporarily. As an added benefit, you will have a much nicer place to return to.

6. Hold your mail and newspapers

Overflowing mailboxes and newspapers littering the yard are clear signals that you aren’t home. Contact your newspaper to suspend your paper delivery. Go to the post office and arrange to have your mail held, or ask a neighbor to collect it.

secure your valuables

7. Secure your valuables

If you don’t have a fire-proof box, now is the time to get one. Stow your valuable papers and jewelry in a well-hidden place. Be sure that tempting items such as laptops are not in open view from outside. Take in any statuary that could easily be carried off from your yard.

8. Don’t advertise your whereabouts on social media

As tempting as it is to post all about your adventures, be cautious about sharing your whereabouts on social media. Check your settings and limit access to your posts to trusted viewers only.

9. Double check your doors and windows

Disconnect your garage door, as these devices can be easily hacked. Close blinds on the ground floor.  Are your windows all closed tightly and locked? Make a last check to be sure. 

Buying or Selling a Home in the Pioneer Valley of Western Massachusetts?

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Help for First Time Homebuyers

Do you think that a home of your own is beyond your reach?  Many potential home buyers are unaware that there are resources that can assist in making the dream of owning a home a reality. Valley Community Development (Valley CDC)  is an amazing organization right here in Western Massachusetts.  Their team has guided scores of people through their home buying experience.

The Valley CDC offers First Time Homebuyer workshops every month at a different location, rotating between Easthampton, Northampton, & Amherst. Each workshop series meets 4 times, once per week, from 6 p.m. – 9:00 p.m. Classes are always held on weekday evenings. The workshops are open to anyone, regardless of where you live or work, or whether or not you are a First Time Homebuyer. Topics including budgeting, home inspections, closing procedures and more are covered. See the workshop schedule here. And of course, we at Delap are here for you and always delighted to help! If you are not yet in the market, or just starting out, or have questions-stop by our office, give us a call, or contact us by email. We can begin the journey with you to find a new home. It is nearer than you think!

 

 

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