Real Estate NEWS - Mortgage Rate are up!

By
Real Estate Agent with Long & Foster Realtors

 





Washington Business Journal - by Jeff Clabaugh

Date: Thursday, December 9, 2010, 10:27am EST

Mortgage rates continued their month-long climb this week, with long-term rates rising for the fourth consecutive week.

A 30-year fixed-rate mortgage averaged 4.61 percent in the week ending Dec. 9, according to Freddie Mac’s (OTC BB: FMCC) weekly rate report, up from 4.46 percent last week. A 15-year fixed-rate mortgage averaged 3.96 percent, up from 3.81 percent.

The average rate on a 1-year adjustable rate mortgage rose to 3.27 percent, from 3.25 percent last week.

“After Europe made strides in its debt situation, investors left the security of U.S. Treasury debt, causing bond yields to rise and mortgage rates along with them,” says Freddie Mac chief economist Frank Nothaft.

Average rates on a 30-year fix are now almost a half percentage point higher than the record low set in mid-October.

Washington Business Journal - by Timothy R Hughes

Date: Thursday, December 9, 2010, 2:08pm EST

 

 

The big news this week nationally was the deal apparently struck between the Obama administration and congressional Republicans regarding tax rates, the estate tax and other matters. Our friends at ENR have a thought-provoking piece that details some potential ramifications for the construction and real estate industry.

The deal framework includes a two-year extension of individual tax rates, a 2 percent cut in Social Security payroll taxes, and a continuation of protection of individuals from alternative minimum taxes. The new planned estate tax structure would exempt up to $5 million per person from estate taxes and would cap estate tax rates at 35 percent.

The estate tax changes are particularly beneficial for owners of real estate or businesses who may face estate planning challenges due to the illiquid nature of real estate assets or closely held corporate interests. Rather than facing potential exposure to estate taxes over $1 million in assets and capped at 55 percent, owners of small businesses and real estate will face a much more favorable planning climate if the deal is ratified by Congress.

On a final note, I understand from our firm's estate planning attorneys that between the economy's impact on asset valuations and some additional specific tax rules, 2010 presents a unique opportunity for estate planning and gift of assets. You still have a couple weeks left to do something, it may be an excellent time to get some estate planning advice and action.

 

 

 

As your DC Real Estate resource, I am keeping you up to date on the local market.  Below are new housing listings in the DC Area.  Please know that I’m never too busy to assist you with your Real Estate questions or needs.  I also welcome the opportunity to help any of your family members or friends. 

 

Have a wonderful day.


Payam Bakhaje
Realtor®

 

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