Home Loan Interest Rates Update!

“Mortgage rates so far in 2018 have had the most sustained increase to start the year in over 40 years,” says Sam Khater, Freddie Mac’s chief economist. “Through May, rates have risen in 15 out of the first 21 weeks (71 percent), which is the highest share since Freddie Mac began tracking this data for a full year in 1972.”

Freddie Mac reports the following national averages for the week ending May 24:

  • 30-year fixed-rate mortgages: averaged 4.66 percent, with an average 0.4 point, rising from last week’s 4.61 percent average. A year ago, 30-year rates averaged 3.95 percent.
  • 15-year fixed-rate mortgages: averaged 4.15 percent, with an average 0.4 point, rising from last week’s 4.08 percent average. A year ago, 15-year rates averaged 3.19 percent.

Source: Freddie Mac

Real Estate ‘Loan Demand Rises’ as Rates Fall!

Mortgage applications climbed 2 percent last week as several key interest rates dropped, the Mortgage Bankers Association reports.

Mortgage applications for refinancing, which make up the biggest bulk of MBA’s index, rose 3 percent for the week ending April 26, reaching its highest level since January. Meanwhile, mortgage applications for home purchases fell last week by 1.4 percent compared to a week earlier.

“Low interest rates have attracted new buyers and persuaded many home owners to refinance their mortgages,” Dow Jones reports. “However, tightened credit restrictions still bar many borrowers from filing loan applications.”

The 30-year fixed-rate mortgage averaged 3.6 percent last week, its lowest rate since December, MBA reports.

Source: “U.S. Mortgage Applications Up 2%,” Dow Jones Newswires (May 1, 2013)

Placerville Gold Mine dispute recalls California’s Wild West Past!

California’s Gold Rush was more than a century-and-a-half ago, but its Wild West spirit lives on in a dispute between government agencies and a landowner in the Sierra Nevada foothills that some officials describe as one of the most egregious cases of illegal mining they have ever encountered.

The dispute between local and state officials and the owner of the Big Cut Mine is coming to a head after a bureaucratic stalemate that has dragged on for three years, with the county district attorney filing 14 charges, including four felonies, and the state leveling fines approaching $900,000.

Authorities say the land owner has refused to comply with cease-and-desist orders, pay any fines or even to submit to an arrest warrant. He became a fugitive last week after failing to turn him self in as promised.

Full article at source: http://www.huffingtonpost.com/2012/02/08

MY TAKE: Trying to strike Gold buying real estate in El Dorado County, California?

There are a few way you can find gold when buying a home or property. Recently I helped a couple find a home in Placerville, (Old Hangtown). Come to find out though, they wanted to start taking advantage of the recent spike in gold prices they better check on a few things.  After we got into escrow, we reviewed at the preliminary title report. We found out that they did not have the mineral rights to mine for Gold on their property.

Not a big deal for the couple that were buying it as a retirement home. But it could mean something to somebody who wanted to own every aspect of their property. Along with most of the normal things you see, most of the time all you ever see in the prelim is some easement from utility company’s or right of ways for roads. Although most of the time there are no “Big Surprises” you do get from time to time some interesting restriction or small surprises.  Which brings up the dispute of the Wild West gold mining events. Does the owner of the Property have the “Right “to mine on “his” property?  You be the Judge.

Living near Big Cut Road and the mine, I can say it really would not affected my everyday happiness or way of life, But I can see both sides of the issue.  So if you own a home in El Dorado County or thinking of buyer a piece of property , you might want to find out if you have the right to “Strike it Rich” on your Property! 

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