The Freddie Mac survey showed the 30-year FRM averaged 3.79% for the week ending Thursday — the lowest rate ever recorded — inching down from the prior week’s record average of 3.83%. Last year at this time, the 30-year FRM averaged 4.61%.

The 15-year FRM, a popular refinancing choice, averaged 3.04%, slightly falling from last week‘s record that averaged 3.05%. A year ago, the average rate for a 15-year FRM was 3.80%.

Five-year, Treasury-indexed hybrid adjustable-rate mortgages averaged 2.83%, up from 2.81% the prior week and down from 3.48% a year earlier.

And one-year, Treasury-indexed ARMs averaged 2.78%, up from last week’s average of 2.73% and down from 3.15% last year.

“The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week,” said Frank Nothaft, Freddie Mac chief economist.

As an example, Nothaft noted that industrial production rose 1.1% in April — the largest gain since December 2010 — and consumer sentiment in May rose to its highest reading since January 2008, according to the University of Michigan.

“The economy added just 115,000 jobs in April, below the market consensus forecast and less than in March. And although the unemployment rate declined, it reflected fewer people actively seeking jobs, “Nothaft said.

Home loan analytics firm Bankrate, which surveys large banks, reported the 30-year FRM slipped to 3.97% from 4.02%, while the 15-year FRM remained at 3.2%. The 5/1 ARM fell to 3.0% from 3.1%.

jhilley@housingwire.com

@JustinHilley

“That’s great for the high rollers — the white wine and brie set,” one of them said. “But what about people who serve hamburgers and beer, and not watercress sandwiches?”

Home staging is not reserved for the rich — or for creative women. In fact, cleaning and clearing clutters are the two primary items on Pam Christensen’s Inexpensive Staging Tips list for any market. And, guys, it doesn’t take a genius woman to help you through the other tips on the list.

Christensen, founder and owner of Staging for Charisma LLC, said guys often forget that they are selling their space, not their stuff.

“There are some staging tips that apply no matter where you live,” said Christensen, a licensed real estate instructor and certified staging trainer. “Some tips apply more if you are living on the East Coast than on the West Coast.”

Guys, if you’re thinking of selling your house or condo this spring, now is the time to prepare your home for sale. Why now? Well, it’s the traditional selling season, which means that in most communities, recorded residence transfers are at a peak during June and July. Most of those sales are actually made 30 to 60 days earlier, and it takes time to complete the transaction. Think about the academic year. Many deals are made when the kids are in school, and moves are made when they get out.

What’s the best way to make a deal happen? A fresh coat of paint, inside and outside, will do wonders to make your residence show its best and make buyers want to purchase it. If your home looks tired, prospective buyers either won’t make a purchase offer or they will highly discount it to allow for the fix-up costs, especially painting. Most buyers want to purchase a residence in model-home condition, so all they have to do is turn the key in the front door and move in.

“White is out, designer neutrals are in,” Christensen said. “So what the heck is a designer neutral? Beige, but if you’re not careful, that beautiful beige that looked so fabulous on the brochure could look pink on your wall. Warm beiges like Sherwin Williams Practical Beige and Kilim Beige are some of my favorites.”

Christensen’s other cheap staging tips:

Curb appeal is not dead: OK, nine times out of 10, the first impression of the home is the Internet, but that doesn’t mean that curb appeal is out of vogue. The contrast between the chocolate brown bark and the bright green grass makes a striking first impression.

How to get rid of it: It’s time to give away the purple cookie jar that you got from Aunt Mary for your 18th birthday, and anything else that you have been saving just in case you might need it someday. Divide everything into three stacks: The purple cookie jar and other things that you never use go directly to the garage sale or Goodwill. The second stack is the things you use but rarely, or they are seasonal and you won’t need them while you are on the market. These are packed and stored. What’s left can go back into the closets. Will people really look in the closets? Only if they want to buy the home.

Counter patrol: Small appliances like toasters can go into a cupboard. If you have an espresso machine and a coffee pot, choose which one you use the most and tuck the other away.

Bathroom essentials: For toiletries, buy a plastic tote that can come out in the morning and evening and be easily tucked under the sink during the day. Keep no more than one shampoo, one conditioner and one liquid soap in the tub or shower.

And what about that shower curtain? Open or closed? If you have just invested in a new tile tub surround, leave the shower curtain open to show it off.

Say welcome home: Buy a new, tasteful welcome mat for the front entry. It’s best if it says “welcome.” Adding a pot of blooming annuals by the front door if there’s space also creates a friendly atmosphere.

Mirror, mirror on the wall: Place one in the entry or in one of the main living rooms. Mirrors help buyers see themselves in the home. They also help to make the room look larger and lighter. Check the reflection. Make sure you aren’t reflecting a view that is less than attractive.

Less is more: You’ve heard it before, but it is really true. When staging a room in a home for sale, a few well-placed pieces of furniture are all that’s needed to show the room at its best.

Some analysts are finally suggesting that we may be headed for recovery. If you have a secure job, plan to stay put and feel this is the right time for you to buy a home, consider the following.

In most places in the country, home prices are still declining. It has only been recently that the market picked up and it’s too soon to know if this will result in a sustainable increase in prices.

The recent home sales in areas around California’s Silicon Valley defy the norm. Significant job growth in the area combined with a low inventory of good homes for sale has resulted in multiple offers with buyers bidding the price up sometimes hundreds of thousands of dollars over the asking price.

In other high-demand, low-inventory areas, you may find yourself bidding against other buyers, perhaps even more than once. This doesn’t necessarily mean that the price will be bid up significantly over the asking price. This will vary from one listing to the next depending on property location, condition and price.

It’s important to research the local community where you want to buy. Find out what homes are selling for, if multiple offers are common and if listings are selling for more than the asking price. This will help you make a realistic offer that might be accepted when you find a home you’d really like to buy. It helps to work with an experienced local real estate agent.

Some sellers in high-demand niche markets intentionally list their home at a low price hoping to stimulate multiple offers. If you see such a listing and there are a lot of buyers wanting to make offers, you will be better able to know how high your offer would need to be to win the contest if you have done your due diligence.

HOUSE HUNTING TIP: Whether you’re anticipating competition or not, you should be preapproved for the mortgage you’ll need to complete the purchase before you write an offer. In competition, this will make a big difference, particularly if everyone else who is offering is preapproved. It also lets you know what you can afford. And, it puts you in a good bargaining position with the seller.

Buyers aren’t the only participants in the housing market that have heard the news that the market has improved. Some sellers are putting their homes on the market because they’ve been waiting for a better time to sell. This is good news for buyers looking in low-inventory markets.

You should expect that you will have to negotiate. Many of today’s sellers are selling for less than they paid. Even though the market has improved a bit, sellers may be disappointed with the current market value of their home. Be prepared to negotiate, not just the initial price, but after inspections are completed if items come up that you hadn’t anticipated.

Include realistic contingency time frames in your purchase contract for loan and appraisal approval if you’re applying for a mortgage. The recent uptick in the market means that lenders are suddenly overwhelmed.

In mid-March, buyers in Oakland, Calif., who were seeking approval for a jumbo loan were told they could close a transaction in 21 days. Not only could they not close in 21 days, it took more than 21 days for loan approval due to lender backlog.

THE CLOSING: Underwriters could require that additional conditions be met before you can be approved. Act quickly to avoid further delay.

Dian Hymer, a real estate broker with more than 30 years’ experience, is a nationally syndicated real estate columnist and author of “House Hunting: The Take-Along Workbook for Home Buyers” and “Starting Out, The Complete Home Buyer’s Guide.”

Graded on a scale of 0 to 100, the index increased 10 points in the first three months of the year to a score of 27. It’s the highest level measured since the NAHB began the survey in 2008.

“Like the overall single-family housing market, the 55+ housing segment is facing a slow but steady recovery,” said NAHB Chief Economist David Crowe. “Consumers are starting to see the resale market show some improvement, which allows them to start thinking about moving into 55-plus housing.”

The latest outlook for this older market now sits above confidence for the overall housing sector.

Multifamily rentals drove this increased optimism. Homebuilders surveyed increased confidence in present production in these properties by 11 points and raised expectations of future building by eight points.

“We are servicing the largest growing group of buyers that we have ever seen in this age category, and it is a population that is dramatically different from what it was only a few years ago,” said NAHB 50-plus Housing Council Chairman W. Don Whyte. “This creates an opportunity for builders and developers in this market to create communities that address the specific needs of the 55-plus consumer.”

jprior@housingwire.com

The Mortgage Bankers Association released its market composite index, a measure of loan application volume, and found the 1.7% increase occurred as the purchase index edged up 3.4% on a seasonally adjusted basis. That increase in the purchase index is the result of a 5.4% jump in the seasonally adjusted conventional purchase index, the MBA said.

Meanwhile, the refinance index edged up 1.3% from the previous week as the conventional refinance index rose 1.8% and the government refinance index fell 2.3%.

Refinancing activity made up approximately 72.1% of all mortgage activity for the week, which is mostly flat from 72.6% the week before. Still, it is the lowest refinance share recorded since April 6.

The government share of purchase activity declined from 37% to 35.8%, making it the lowest government purchase share since March 27, 2009. The average interest rate on a 30-year, fixed-rate mortgage with conforming loan balances of $417,500 or less declined from 4.05% to 4.01%, the lowest rate in the history of the MBA survey.

The average interest rate for the 30-year, FRM with jumbo loan balances declined from 4.32% to 4.29%, while the average interest rate for the 30-year, FRM backed by the FHA increased from 3.80% to 3.81%. The contract rate for the 15-year, FRM declined from 3.31% to 3.29%.

kpanchuk@housingwire.com

The home builder’s survey results showed that 60% of renters who say they want to buy a home in the future have increased their intent to buy compared to a year ago. And 61% of that group says they plan to purchase a home within the next two years.

It also indicates that homeownership continues to be as much an emotional desire as a practical one. Nearly half said they wanted to own a home because they would like being able to call themselves homeowners.

At the same time, 44% still said they thought buying a home is a good investment. And then there were the practical respondents, 36%, who said they wanted to own a home for more space. The percentages were similar across the country.

The results mirrored PulteGroup’s on-the-ground anecdotal information. “We are seeing a renewed sense of optimism, especially from young professionals and young families visiting our communities nationwide,” Deborah Meyer, PulteGroup senior vice president, said in a news release of the results. “In fact, in the first quarter of this year, sales and traffic for our Centex homes, which cater to the value-conscious and first-time buyer, saw a significant improvement over last year—yet another sign of an improving housing market.”

But the survey, which PulteGroup conducted with Russell Research, also identified deterrents to buying that these want-to-be owners say they face. The first is an age-old problem that pre-dates the housing recession. Just over half, 54%, said they don’t have enough money for the down payment.

A few other perceived barriers to buying a home also showed up in the survey. Just over a fourth thinks that renting is cheaper than buying, and just under a fourth are still worrying about their jobs.

The research company conducted online surveys for two groups, one that focused on current renters only and another completely random sample of people that included both renters and homeowners.

The results were similar in the two groups. In the random survey group, 65% of the renters said they plan to buy a home in the future and, of that 65%, 61% plan to buy in the next two years.

Teresa Burney is a senior editor for Builder magazine.

The Freddie Mac survey showed the 30-year, FRM averaged 3.84% for the week ending Thursday — the lowest rate ever recorded — inching down from the prior week’s average of 3.88%. Last year at this time, the 30-year FRM averaged 4.71%.

The rate’s previous all-time record was 3.87%, registering on February 9.

The 15-year FRM, a popular refinancing choice, averaged 3.07%, slightly falling from last week when it averaged 3.12%. A year ago, the average rate for a 15-year FRM was 3.89%.

This rate’s former all-time low was 3.11%, registering on April 12.

Five-year, Treasury-indexed hybrid adjustable-rate mortgages averaged 2.85%, up from 2.78% the prior week and down from 3.15% a year earlier.

And one-year, Treasury-indexed ARMs averaged 2.85%, unchanged from last week and down from 3.14% last year. This rate is also a new low.

“Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week,” Freddie Chief Economist Frank Nothaft said in response to the new rate depths.

Gross domestic product rose at an annualized rate of 2.2% in the first quarter, down from the previous quarter of 3% and below the market consensus forecast of 2.5%.

Home loan analytics firm Bankrate, which surveys large banks, reported the 30-year FRM slipped to 4.05% from 4.09%, while the 15-year FRM fell to 3.25% from 3.28%. The 5/1 ARM also fell to 3.02% from 3.03%.

jhilley@housingwire.com

@JustinHilley

Clean the pool deck area: Don’t even think about removing the pool cover until debris left on the pool deck is swept clean. Use a hose and broom to remove debris.

Remove and clean the pool cover: Remove the pool cover from the pool and lay it out as much as possible on the pool deck. Use a mild detergent to scrub off any stuck-on dirt, then simply hose off the pool cover till clean.

Inspect the pool shell: Look for cracks in the pool plaster and around the waterline. You can choose to repair minor cracks yourself, but for more severe cracks, call a professional.

Fill up with water: Usually some water evaporates into the air while the pool is not in use. When it comes to filling the swimming pool, allow the water level to reach the middle of the pool tile.

Pool tile cleaning: Use this opportunity to remove any stains or scale from the pool tile with a household tile cleaner.

Continue preparing the pool water as necessary to make sure it’s clean, sanitary and free of bacteria and algae. Run the pool filter for a good 24 hours or more to complete cleaning the pool and water.

Jump in and ENJOY!!!

It’s down from 68% in 2011.

But those surveyed also said they thought it was a good time to buy and that they thought prices would rise this year.

While the recession and financial crisis took place in 2008-2009, homeownership rates didn’t begin to reflect the bursting of the housing bubble until 2010, when 65% of Americans reported owning their own home — the lowest level recorded before this year.

Fifty-three percent of Americans believe their house is worth more today than when they bought it, down significantly from 80% in 2008 and 92% in 2006.

Still, 70% of Americans surveyed said it’s a good time to buy a house.

Americans are also much more positive about the direction of housing prices this year than they were last year.

Thirty-three percent expect houses in their neighborhood to rise in price. Last year, only 28% expected prices to rise.

Results were based on telephone interviews conducted April 9-12 with a random sample of 1,016 adults in all 50 states.

kcurry@housingwire.com

@communicatorKLC

Contrary to your first reaction (which I assume was “Wait, seriously?”), getting a mortgage in what would otherwise be just an ordinary bulk food warehouse (Why, again, did I need 45 bananas?) is actually not that far fetched.

Wal-Mart ($59.08 0.13%) started kicking around the idea of doing mortgages in 2007 and has since spread them throughout the U.S., Canada and Mexico. It has hinted at also moving the practice to the U.K., but overseas rival Tesco already has a wholly owned banking franchise that can lend you money for just about anything.

Kroger ($23.29 0%) has Kroger Personal Finance through a partnership with the Royal Bank of Scotland ($7.96 0.24%) that offers everything from mortgages to pet insurance and identity theft insurance.

In Canada, Loblaw Cos. Limited — the country’s largest food retailer — offers President’s Choice Financial, an almost completely automated service that provides most standard banking services, including mortgages. ICA Banken in Sweden does functionally the same thing and is run out of the retail chain ICA AB. It is estimated to have about 200,000 customers (1 in every 47 Swedes).

So, if anything, Costco is a bit late to the ballgame.

And while grocery store banking is certainly convenient (car loan with your granola bar, anyone?) there are definitely some drawbacks. Namely, the complete lack of personal service. Costco’s mortgage services, like PCF’s, are almost totally automated. Customers go online to figure things out for themselves.

And while some of the banks that Costco uses will send representatives to visit their new customers, the customers still have to do — and presumably completely understand — most everything on their own. Which, if you hadn’t guessed, can lead to some boneheaded financial decisions.

For instance, in this article on CNN Money, a man chose the refinance his $170,000, 15-year fixed-rate mortgage carrying 4.25% interest to a 30-year mortgage at 4%. While he did decrease his monthly payments by about $500 a month, which I assume was the reason for the decision, I wonder if he knew he was going to be paying more than $60,000 more in interest over the life of his loan.

While the man would have paid about $62,000 in interest before, he is now paying over $125,000 in interest for that $170,000 mortgage. While he could feasibly refinance again into a shorter term, I wonder if he knows that.

Given the impersonal nature of automated loans, it’s quite possible he doesn’t — even though, in his case, the bank came to his home to sign the paperwork.

That $125,000 could buy a heck of a lot of toilet paper at Costco. If you want me to be specific, and I’m sure you do, you could by 127,551 rolls of Cottonelle. And if this guy (who calculated his average usage per year) is right, then that’s enough toilet paper to last you about 2,600 years (On a side note, did you think you were going to get mortgage expressed in rolls of toilet paper today — or ever? I bet not!).

All of this to say, sometimes convenience cheats you out of a bit of financial security — even if you are saving a lot of money on dog food at the same time.

jhuseman@housingwire.com
@JessicaHuseman