Tag Archives: Real Estate in Silicon Valley

Mortgage Rates Dip Below 3%

Courtesy: Realtor Magazine

Incentive for Home Buyers . . National Mortgage Rates for the week Ending July 16.
Courtesy: Realtor Magazine

The 30-year fixed-rate mortgage averaged 2.98% this week, the lowest rate in Freddie Mac’s records dating back to 1971.“The drop has led to increased home buyer demand and, these low rates have been capitalized into asset prices in support of the financial markets,” says Sam Khater, Freddie Mac’s chief economist. “However, the countervailing force for the economy has been the rise in new virus cases which has caused the economic recovery to stagnate, and this economic pause puts many temporary layoffs at risk of ossifying into permanent job losses.”

Freddie Mac reported the following national averages with mortgage rates for the week ending July 16:

  • 30-year fixed-rate mortgages: averaged 2.98%, with an average 0.7 point, falling from a 3.03% average last week. A year ago, 30-year rates averaged 3.81%.
  • 15-year fixed-rate mortgages: averaged 2.48%, with an average 0.7 point, falling from last week’s 2.51% average. A year ago, 15-year rates averaged 3.23%.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.06%, with an average 0.3 point, rising slightly from last week’s 3.02% average. A year ago, 5-year ARMs averaged 3.48%.

Freddie Mac reports average commitment rates along with average fees and points to reflect the total upfront cost of obtaining a mortgage.

BAY AREA PINCH $1 million ‘average’ homes? Let’s talk!

Voracious demand driving record sales in ‘mansion’ bracket.

Courtesy San Jose Mercury News by Steve Johnson and Pete Carey

There was a time when a million-dollar home was something families drove by on a Sunday outing to get a glimpse of how rich folks lived. But now they’re more common than Starbucks, at least around here.

Fueled by the booming tech economy and seemingly insatiable demand for housing, the Bay Area set records in the second quarter of this year in the number of homes sold for $1 million or more as well as those costing at least $2 million, a real estate information service said Thursday.

CLICK HERE for the full San Jose Mercury news article.

Intero founder Gino Blefari to take charge of Warren Buffett’s real estate franchise business

Congratulations Gino Blefari – A great businessman, leader, inspirational mentor who I appreciate many great years having been a part of his team!

Courtesy Inman News, June 10, 2014

Earl Lee, the veteran Prudential Real Estate executive who helped launch Warren Buffett’s new real estate franchise brand, Berkshire Hathaway Home Services, will step down as CEO of parent company HSF Affiliates Inc. on Jan. 1 and hand over the reins to Gino Blefari, the founder of Intero Real Estate Services.

Cupertino, Calif.-based Intero Real Estate Services was acquired last month by Buffett’s giant brokerage firm, HomeServices of America Inc., giving the company a foothold in Silicon Valley.

CLICK HERE for the full Inman News article.