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Mortgage Rates Fall to the Lowest Level Since 2016

Mortgage Rates Fall to the Lowest Level Since 2016

BlogMortgage rates have dropped to the lowest levels since before the 2016 presidential election.

The 30-year fixed-rate mortgage averaged 3.45% during the week ending Feb. 6, a decrease of six basis points from the previous week, Freddie Mac reported Thursday. This was the third consecutive week in which mortgage rates dropped.

The last time the 30-year fixed-rate mortgage was at or below this level was in October 2016, when it averaged 3.42%.

The 15-year fixed-rate mortgage also fell three basis points to 2.97%, according to Freddie Mac. This was the first time since 2016 the average rate for the 15-year fixed home loan fell below 3%. The 5/1 adjustable-rate mortgage, however, increased eight basis points to an average of 3.32%.

The decline in fixed mortgage rates reflected the movement in the 10-year Treasury yield—mortgage rates roughly track the direction of long-term bond yields. While equities markets rebounded this week as fears regarding the spread of the coronavirus abated, the 10-year Treasury was more resistant to upward movement. Toward the latter half of the week, the 10-year yield improved following the release of positive economic data.

“As rates fell for the third consecutive week, markets staged a rebound with increases in manufacturing and service sector activity,” Sam Khater, Freddie Mac chief economist, said in the report. “The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months.”

Could this be the last affordable spring home-buying market?

That rising demand is expected to speed the start of the spring home-buying season, which is generally the most popular time of year to purchase a home for most of the country.

But a new report based on research from Realtor.com and the National Association of Realtors indicates that buyers who manage to score a deal this year will be lucky, as experts predict that affordability will only worsen in the years to come.

“The number of metros across the country seeing improvements to home affordability continues to increase,” Sabrina Speianu, senior economist research analyst at Realtor.com and the report’s author, wrote. “However, this spring home-buying season may be the last to see gains to affordability in quite a while.”

In the fourth quarter of 2019, housing affordability improved across all income levels nationwide, though the biggest gains in affordability were experienced among those in high income brackets. Out of the 100 largest metropolitan areas nationwide, 87 saw affordability improvements in the fourth quarter.

The rise in affordability was driven largely by low mortgage rates, but other factors also played a role, including growing household incomes, decelerating or falling home listing prices and inventory increases in some markets. Des Moines, Iowa saw the largest improvement in affordability nationwide, while Tulsa, Okla., experienced the biggest downturn.

Barring future global economic events or changes in Federal Reserve policy, interest rates are expected to stabilize in 2020, the report said. “With stabilizing interest rates, only income growth or increased construction of affordable homes can provide continued increases to home affordability,” Speianu wrote. “However, income growth has historically failed to keep up with home price growth and home builders have yet to reach normal levels of building activity despite recent optimism.”

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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Just Listed – 204 Watling Way #24104, Davenport 33897

Just Listed – 204 Watling Way #24104, Davenport 33897

204 Watling Way #24104, Davenport, FL

For Sale

$ Click for current price
2 BEDROOMS | 1307 SqFt

Perfect investment property located in the desirable condo resort of Bahama Bay nestled along the shoreline of Lake Davenport. this beautiful ground floor is owner occupied and has great views of the large ponds located behind and to the side of this wonderful home. This property benefits from two bedrooms, large screened in rear patio with spectacular views of the wildlife visiting the ponds to the rear and side of the unit. Don’t forget your binoculars! This community has an abundance of amenities to offer its homeowners and guests including 4 community pools, hot tub spas, beach side bar and restaurant, fishing pier, walking trail, etc. Located close to Disney, easy access to I4 for the theme parks, airports or either coast. Live the Florida lifestyle.

 

More Couples Put the House Before the Ring

More Couples Put the House Before the Ring

More Couples Put the House Before the Ring

More Couples Put the House Before the Ring


Is the declining number of marriages contributing to fewer first-time home buyers? In the 1980s, the number of married couples in the ranks of first-time buyers peaked at 75%. Flash forward to today, when only 53% of first-time buyers are married couples, according to data from the National Association of REALTORS®.

So who are the other buyers making up the housing market today? The share of unmarried couples purchasing their first home is now matching single females at 17%, the largest share recorded by NAR to date.

Also increasing is the share of “galentines” buying a home together, notes Jessica Lautz, NAR’s vice president of demographics and behavioral insights, at the association’s Economists’ Outlook blog. Galentines refers to platonic friendships, such as roommates. These buyers have made a notable jump, from 2% to 4% of the market in the last year, Lautz notes.

Unmarried couples and roommate buyers may have an advantage over single buyers helping them to increase their numbers: dual incomes. “Dual incomes allow them to navigate the housing market and perhaps allow them to purchase a home that is at a higher price point where they may face less competition in the buying market,” Lautz writes.

Still, 17% of recent first-time buyers are single females, although that share has dropped from a high of 27%. “This drop is likely due to housing affordability,” Lautz notes. “It is harder for a single-income individual to enter the competitive housing market the U.S. is facing today. Notably, while single men have traditionally had smaller shares of home buyers, the share of single men has now crept up to 10% of the first-time buyer market.”

Resource:Realtor Magazine

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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New Construction-Chelsea Park by Avex Homes

New Construction-Chelsea Park by Avex Homes

New Construction-Chelsea Park by Avex Homes

Chelsea Park by Avex Homes

Prices starting in the Mid $200’s


 

New Construction-Chelsea Park by Avex Homes is a private, gated enclave of new homes set within the mature, beautifully-landscaped community of Davenport, FL. Built around a picturesque wetland preserve, residents can see wading birds or sandhill cranes right from their back porch. At Avex Homes, our goal is to create a picturesque Central Florida environment based on your personal, unique style while still being functional for your everyday life.

Choosing your new home should be a carefully considered, yet enjoyable experience all-in-one. Selecting a school district, a working environment, and a community where you feel perfectly at home is what we are here for. Chelsea Park in ChampionsGate, FL has all the amenities you are looking for and more in your new community. Avex Homes offers beautiful new homes in Davenport, FL.

With six floor plans ranging in size and style, Chelsea Park has something for everyone. Low monthly homeowners association fees and no CDD help make the cost of ownership in this community affordable. Our design center will guide you through our quick move-in homes or a new home built just for you.

We take pride in getting you into the home you have always wanted. Your home is here at Chelsea Park–and it’s ready for you. Contact us  today to begin designing the home of your dreams today! 

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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Out & About Bardell- Hot air Balloon Festival

Out & About Bardell- Hot air Balloon Festival

Up Up and Away Florida Hot Air Balloon Festival


 

Come out and enjoy the Up Up And Away Florida Hot Air Balloon Festival!

One Day passes are $15 per day. Weekend passes are $20 and only available online until February 25th, 2020. Children under age 12 are free admission.

Watch the Lakeland skyline transform into a mix of bright, brilliant colors as hot air balloons launch from the Sun n’ Fun Expo Campus.

Embark on a scenic balloon ride in one of many balloons on site during the Up Up And Away Florida Hot Air Balloon Festival.

Between great live music , vibrant colorful balloon glows, mass ascension of balloons morning and evenings, tethered balloon rides, great food and beverage options, arts and craft vendors, helicopter rides**, kids zone*, aerialist performances, guests are sure to have a blast at this community hot air balloon event.

*Parking Passes may be purchased alongside general admission online starting 1/1/20. Kid’s Zone will be CASH ONLY and can be purchased at the event. Please come prepared with cash!* **Helicopter rides hosted by Tampa Bay Aviation will be $39 on site, cash or credit**

ALL SALES ARE FINAL. NO REFUNDS WILL BE ISSUED. THIS EVENT IS RAIN OR SHINE.

Schedule of Events

Friday, February 28th, 2020

** Please note that the schedule is subject to change at any time **

PARKING LOTS DO NOT OPEN UNTIL 1:30 PM

Festival Grounds Open from 2:00 PM – 9:00 PM

2:00 PM-9:00 PM Food & Merchandise Vendors are open for business, Kids Zone, Archery Tag, Live Music, Helicopter Rides available for purchase, Mimosa and Beer Garden and Tethered Balloon Rides available for purchase.

2:00 pm Shania the Aerialist will be performing throughout the day.

2:30 PM: LIVE MUSIC: Audio Exchange

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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