Mortgage Interest Rates Reverse Course in 2017

Mortgage Interest Rates Reverse Course in 2017

To start the year, housing experts all agreed on one thing: 2017 was going to be the year we would see mortgage interest rates begin to rise. After years of historically low rates, and an improving economy, the question wasn’t if they would increase but instead how much they would increase. Some thought we could see rates hit 5-5.5% by the end of the year. However, the exact opposite has happened. Instead of higher rates as we head into the middle of 2017, we now have the lowest rates of the year (as reported by Freddie Mac). Here is a graph of mortgage rate movement since the beginning of the year:

Projections still call for an increase…

Four major entities (Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors) are still projecting that rates will increase by the fourth quarter of the year. Mortgage Interest Rates Reverse Course in 2017 | Keeping Current Matters

Bottom Line

No one knows for sure where interest rates will be in six months. However, if you are thinking about buying your first house or trading up to the home of your dreams, you can still get a mortgage at historically low rates RIGHT NOW.

 

Gallup: Real Estate is Best Long-Term Investment 4 Years Running

Gallup: Real Estate is Best Long-Term Investment 4 Years Running

Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds.

For the fourth year in a row, Real Estate has come out on top as the best long-term investment! This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26%. The full results are shown in the chart below.

Gallup: Real Estate is Best Long-Term Investment 4 Years Running | Keeping Current Matters

The study makes it a point to draw attention to the contrast of the sentiment over the last four years compared to that of 2011-2012, when gold took the top slot with 34% of the votes. Real estate and stocks took second and third place, respectively, while still in recovery from the Great Recession.

Bottom Line

As the real estate market has recovered, so has the belief of the American people in the stability of housing as a long-term investment.

How Fast Can You Save for a Down Payment?

How Fast Can You Save for a Down Payment?

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long would it take you to save for a down payment in each state?

Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.

By determining the percentage of income spent renting a 2-bedroom apartment in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.

According to the data, residents in Iowa can save for a down payment the quickest in just under 2 years (1.99). Below is a map created using the data for each state:

How Fast Can You Save for a Down Payment? | MyKCM

What if you only needed to save 3%?

What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3% down programs? Suddenly, saving for a down payment no longer takes 5 or 10 years, but becomes attainable in a year or two in many states as shown in the map below.

How Fast Can You Save for a Down Payment? | MyKCM

Bottom Line

Whether you have just started to save for a down payment, or have been saving for years, you may be closer to your dream home than you think! Let’s meet up so I can help you evaluate your ability to buy today.

What can’t I pour down my sink?

Do not pour grease or household cleaners down the drain.  You should take the cleaners to a hazardous collection site.

It is very hard on the sewage pipes to pour oil or grease of any kind down the drain. Even when washed down with hot water, grease will clog the sewer lines. So please properly dispose of your grease by pouring it into a container and sending it to the landfill.

 

Recycling Program

recycling-bin-iconThe City of Huron implemented curbside collection of comingled recyclables in July 2013.  A separate recyclable container (blue with a yellow lid) has been issued to households that participate. To sign-up for a recycling container please contact the Solid Waste Department at 353-8542 or Email

The recycling containers will be picked up by the city each week on the same day that garbage is collected in that neighborhood.  Because the containers and recyclables are light and susceptible to being blown over in the wind, the city asks that containers not be set out for collection unless they are at least one third full.  The city asks that the containers be stored away from the normal collection point so that the city does not tip an empty container.  Remember that when containers are set out for collection, they need to be at least three feet away from each other and three feet away from any other objects (garage, fence, vehicle, etc.) so that the collection arm on the collection vehicle has room to safely operate.

What can be placed in the recycling container?

The following clean and dry materials are comingled in the recycling container:  all clean and dry paper including telephone and paperback books, newspapers, magazines, office paper, flyers and junk mail; corrugated and flat cardboard (like cereal, tissue, dry food and detergent boxes); all clean and dry plastic containers (like soda, juice, cleaning detergent, shampoo, and lotion bottles, milk jugs, margarine, and yogurt tubs) that are marked with the recycling triangle; any plastic lid from a recyclable plastic container – please remove the lids from the containers; all plastic bags including film plastic grocery bags – placed inside a plastic grocery bag; all clean aluminum, tin, metal and bi-metal cans and containers; and all clean aluminum foil and clean aluminum foil pans.

The Recycling Guide provides more information about Huron’s comingled household recyclable collection program.

The Recycling Presentation provides background information about Solid Waste Recycling in Huron.

How do I find out about snow removal procedures?

shoveling-snow_s600x600When the city declares a Snow Alert, parking is prohibited on city streets until the snow is cleared from curb to curb. Usually a Snow Alert is issued once we have received 2” or more of snow; however, alerts are also based on weather conditions such as wind and ice, as well as the amount of additional snow forecasted, and city crews may begin removing snow from emergency routes before the alert is issued. The local news media will announce when a Snow Removal Alert has been declared. Snow Removal brochures are available at City Hall, 239 Wisconsin Ave SW (605) 353-8502. During the winter months snow removal procedures are scrolled on TV Channel 6. You may also call (605) 353-8501 for Snow Removal Updates. City’s snow removal procedures.

What types of animals are not allowed in city limits?

Except as provided by city ordinance [ link to Section 8.16.014], it is unlawful for any person, partnership, association or corporation to keep or harbor any horses, mules, cattle, sheep, goats, swine or fowl of any kind, within the city of Huron, except that public auction rings, livestock commission houses, veterinary clinic and treatment facilities, locker plants and hatcheries may temporarily keep and hold any such animals or fowl for the purpose of sale, slaughter or treatment; and in addition the state of South Dakota fairgrounds shall be exempt from these provisions.

Do I have to keep my pet on a leash?

Yes, pets must be kept on a leash. Animals are not permitted to run at large within the city. Any animal found at large may be impounded. “At large” means to be off the premises of the owner and not under the control of the owner or a competent person by leash. A dog or cat within an automobile of its owner shall be deemed upon its owner’s property.