Fixed rates stable, ARM rates up on Fed uncertainty
Freddie Mac reports that rates on 30-year fixed-rate mortgages averaged 6.45 percent with an average 0.6 point for the week ending June 26, up from 6.42 percent last week but down from 6.67 percent a year ago. The rate was the highest since Aug. 23, 2007, when it averaged 6.52 percent. Rates on 15-year fixed-rate mortgages averaged 6.04 percent with an average 0.6 point, up from 6.02 percent last week but down from 6.34 percent a year ago.

Fixed-rate mortgages remained stable this week while adjustable-rate mortgages rose slightly due to uncertainty about this week’s Federal Reserve’s Open Market Committee meeting, Freddie Mac Chief Economist Frank Nothaft said.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.99 percent, with an average 0.7 point, up from 5.89 percent a week ago but down from 6.30 percent a year ago. One-year Treasury-indexed ARMs averaged 5.27 percent, up from 5.19 percent a week ago but down from 5.65 percent a year ago.

Foreclosures, short sales boost existing-home sales
Sales of existing homes picked up 2 percent from April to May to an annual rate of 4.99 million units as the median home price for all housing types fell 6.3 percent from a year ago to $208,600, the National Association of Realtors reports.

"Foreclosures and short sales appear to be a larger part of the market, particularly in California, and are creating a drag on current home prices." NAR Chief Economist Lawrence Yun said. In the West, the median home price was down 16 percent from a year ago, to $286,600. The median price slipped 2.4 percent in the Northeast, to $278,000; 4.3 percent in the South, to $175,000; and 0.7 percent in the Midwest, to $165,300.

While the rate of sales picked up nationwide from April to May, they were down 15.9 percent from a year ago, when homes were selling at an annual rate of 5.93 million units. Condos and co-op sales picked up 5.5 percent to a seasonally adjusted annual rate of 580,000 units, but were down 24.6 percent from a year ago. By region, existing-home sales were up 5.5 percent in the Midwest from April to May, 4.6 percent in the Northeast, and 2 percent in the West. Sales slipped 0.5 percent in the South.

Three Oklahoma brokerages merge
In what’s being billed as the largest real estate merger in the state’s history, three Oklahoma brokerages are merging into a single company, Coldwell Banker Select, with 20 offices and 700 agents. The three firms involved in the merger are Tulsa Coldwell Banker Rader Group, Terry Gartside Realtors and Marolyn Pryor Realtors.

Sam Rader, chairman of the board of the newly created company, said he expects Coldwell Banker Select to reach $1 billion in sales in 2008. Rader’s company, Coldwell Banker Rader Group, has 420 sales agents and a staff of 50 with offices in Tulsa, Broken Arrow, Claremore Owasso, Skiatook and Sand Springs. Gartside has 70 agents and offices in Sand Springs, Sapulpa, Jenks and Glenpool. Marolyn Pryor Realtors has a sales staff of more than 125 people with offices in Oklahoma City, Yukon, Mustang, Tuttle and Moore.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×