The 30-year fixed-rate mortgage averaged 3.83 percent for the week ending May 10, posting a new record low from last week’s 3.84 percent average. The 15-year fixed-rate mortgage also posted a new record, averaging 3.05 percent this week.

Here’s a closer look at mortgage rates for this week:

30-year fixed-rate mortgages: averaged 3.83 percent, with an average 0.7 point, down from last week’s previous record of 3.84 percent. A year ago at this time, 30-year mortgages averaged 4.63 percent. The 30-year fixed-rate mortgage, the most popular choice among home buyers, has averaged below 4 percent for nearly every week — except for one — since Dec. 8, 2011, according to Freddie Mac.

15-year fixed-rate mortgages: averaged 3.05 percent, with an average 0.7 point, dropping from last week’s previous record low of 3.07 percent. Last year at this time, the 15-year fixed-rate mortgage averaged 3.82 percent.

5-year adjustable-rate mortgages: averaged 2.81 percent, with an average 0.5 point, dropping from last week’s 2.85 percent average. Last year, 5-year ARMs averaged 3.41 percent.

1-year ARMs: averaged 2.73 percent, with an average 0.5 point, rising from last week’s 2.70 average. A year ago, 1-year ARMs averaged 3.11 percent.

Source: Freddie Mac

After having such a successful giveaway for Amazon Kindle Touch, we couldn’t ignore the flood of requests from our fans for something similar… So, today at Castle Creek Homes we would like to kick off our Amazon Kindle Fire giveaway! Starting today and finishing on May 23, we’re running a giveaway contest on our facebook page. Sign up for your first entry, and then gain additional entries by sharing with others.
 
 

HERE’S HOW IT WORKS

STEP 1: Like Castle Creek Homes on facebook
Visit facebook.com/castlecreekhomes and click on the “Kindle Giveaway” page under our profile photo.
if you aren’t a fan already you’ll have to “Like” castle creek homes to gain access to the contest.

STEP 2: Enter the drawing
Fill out the contest entry form with your name, email address, and which of our mailing lists (if any) you would like to subscribe to. You will gain an additional entry in the drawing for each list you subscribe to.
All email lists can be unsubscribed from at any time.

STEP 3: Share for extra entries! Better your odds!
After you enter the drawing, you will be able to share this giveaway with others. Each of your friends that enters the drawing because of you will automatically give you an extra entry!* You can return to our contest page at any time to check on how many referrals you’ve gotten.
*There are no limits to the amount of extra entries you can receive.

STEP 4: Bonus prizes!
Once you’ve gotten 10 of your friends to enter the contest, return to our contest page and you will be able to “UNLOCK” our bonus prize drawing for 1 of our 3 great bonus prizes.

STEP 5: Win!
On May 23rd we will be selecting our winners by random drawing. After selection we will be contacting our Kindle Fire winner, and the winners of our bonus prize as well, to let you know you’ve won. We will also announce our winners on our facebook wall, so be sure to check our wall and your email inbox to see if you’ve won!

 
CONTEST ENDS MAY 23, 2012 @ 9:00 PM MST. No purchase necessary. A purchase will not increase a contestants chance of winning. UTAH ONLY! (MUST LIVE IN THE STATE OF UTAH TO BE ELIGIBLE TO WIN.) Contestants must be at least 21 years of age to enter. Castle Creek Homes will not verify receipt of entries. Incomplete entries are void. Castle Creek Homes is not responsible for entries that are lost, late, misdirected, incomplete, incomprehensible, illegible, damaged, undeliverable or delayed. We reserve the right to substitute a prize of equal or greater value in the event that the original promised prize becomes unavailable. Grand prize valued at $199.00, bonus prizes range from $1-$100. The odds of winning will depend on the number of entries. Unless otherwise noted, all contests and giveaway prizes are awarded via random drawing. Winners automatically grant the use of their name and likeness in the promotion of this and other Castle Creek Homes contests. This promotion is in no way sponsored, endorsed or administered by, or associated with, Facebook.

The Housing Opportunity Index indicated that 75.9 percent of all new and existing homes sold in fourth quarter 2011 were affordable to families earning the U.S. median income of $64,200.

The story was similar in Utah, where major metropolitan areas also enjoyed high housing affordability — even higher than the record-breaking U.S. figure.

In the Salt Lake metro area, 81 percent of all homes sold were affordable to families making the median income of $70,400, according to index. The only time local homes have been more affordable was in 1993 when nearly 83 percent of homes sold were affordable.

In the Provo-Orem metro, affordability was the same. Eighty-one percent of homes sold in the fourth quarter were affordable to families making the median income of $62,000. That’s slightly lower than the metro’s record-high of 85 percent in the second quarter. That’s because there was a slight rise in area home prices during the second half of the year, according to the index.

Affordability in the Ogden-Clearfield metro was the highest in the state. During the fourth quarter, nearly 89 percent of all homes sold were affordable to those making the median income of $70,600. This was close to the area’s record high of 90 during third quarter 2011.

In St. George, the final Utah metro area covered, about 76 percent of homes sold during the final three months of 2011 were considered affordable. That’s slightly lower than 77 during the previous quarter, the result of a slight home price increase.

The affordability is high because of several factors, including record-low interest rates. In January, the rate on a 30-year fixed mortgage was the lowest monthly average ever in Fannie Mae’s mortgage rate survey, which dates back to 1971.

The affordability figures are in stark contrast to those during the housing boom. Five years ago, only about 30 percent of homes sold were affordable to a Salt Lake-area family making the median income.

A separate report from the National Association of Realtors confirmed the improving affordability. During 2011, housing affordability in Salt Lake City rose more than 19 percent from the prior year. The Realtors organization said Salt Lake buyers had more than enough income to purchase a home. The Salt Lake index registered 111 during 2011.

An index of 100 is defined as the point where a median-income household has exactly enough to qualify for a median-priced existing single-family home. The index looks at the relationship between median home price, median family income and average mortgage rate. The higher the number, the greater the household purchasing power, NAR said.

The return to affordability has boosted home sales as people take advantage of the opportunity to buy more home for the money.

“Sales have risen strongly in lower price ranges from one year ago, while sales at the upper end remain sluggish,” said NAR Chief Economist Lawrence Yun. “More importantly, we’re seeing a consistent trend of declining inventory, which means supply and demand conditions are becoming more balanced in more areas, which will help stabilize home prices.”

In 2011, Utah homes sales were at their highest level in three years, boosted by high affordability, improved consumer confidence, record-low mortgage rates and improved employment conditions.

Source: UtahRealtors.com

Home buyers planning to buy a brand-new house or condominium often cite energy-efficiency, open layout, a warranty, and being able to select appliances, flooring, paint colors and other design elements as factors driving their choice.

But builders say that buyers can be drawn to a new house for reasons that aren’t so obvious. Below are a few more benefits of a brand-new home that you may not see in the sales brochure.

Building a Community Together

A brand-new community is one of the built-in benefits of many new homes. When families move in to a subdivision at the same time, often lasting bonds of friendship and neighborliness are formed right away. Nobody is the “new kid on the block,” and many home builders host community block parties in new developments to help owners meet and connect.

Popular amenities like pools, walking trails and courts for tennis and basketball offer additional opportunities for interaction among neighbors of all ages. Often new communities are comprised of home owners in the same stage of life, such as young families or active retirees, so neighbors can get to know each other through carpools, PTA meetings, tennis matches or golf games.

Entertaining

Throwing a party in an older home can be a challenge because smaller, distinct rooms make it difficult to entertain guests in one large space. Builders are responding to today’s home buyer preferences with layouts featuring more open spaces and rooms that flow into each other more easily, like the popular great room. While you are in the kitchen preparing dinner, you can still interact with guests enjoying conversation in the family room without feeling closed off. The feeling of spaciousness in today’s new-home layouts often is enhanced the higher ceilings and additional windows that bringing in more light than you would find in an older home.

A Clean Slate

For some buyers, parking the car in a sparkling-clean garage or being the first to cook a dinner in a brand-new kitchen is part of the appeal of new construction. In addition, you won’t have to spend time stripping dated wallpaper or repainting to suit your own sense of style. You can create your own home décor from the get-go!

The advantages of being the first owner of a home extend to the outdoors. Instead of inheriting inconveniently or precariously placed trees, or having to tear up overgrown shrubs, you can design and plant the lawn and garden you want.

Outlets, Outlets Everywhere

Homes built in the 1960’s and earlier were wired much differently than houses today. Builders had no way of anticipating the invention of high-definition televisions, DVRs and computers that we enjoy today — and the very different electrical requirements they would introduce. New homes can accommodate advanced technologies like structured wiring, security systems and sophisticated lighting plans, and can be tailored to meet the individual home owner’s needs.

Anyone who has ever lived in an older home can also attest to the fact that there are never enough outlets, inside or out! New-home builders plan for the increased number and type of electronics and appliances used by today’s families, so you can safely operate a wine cooler, Christmas lights or your computer.

Source: NAHB: National Association of Home Builders

With home affordability at the highest rate seen in decades, now is prime time to make a purchase.

Many renters are wanting to turn over a new leaf by investing in a starter home. Current homeowners are wanting to take advantage of low prices and buy the home of their dreams.

The key to buying in today’s market is having the funds and financial stability needed. How can you go about saving to buy a home?

Financial wiz Suze Orman tells her readers and viewers all the time about the benefits of homeownership, but also the importance of being financially ready for this move. She writes, “Never buy a home or piece of real estate if you do not have at least 10% to 20% to put down. While buying a home is a great investment, if you do not have at least 10% to 20% of the purchase price to put down, then you can’t afford the home and are buying before you have demonstrated the ability to save, which is a bad idea in the current market.”

How do you get to that point? The first and most important step is to commit to the goal of homeownership. This requires a change in habits. Many households today spend every penny that they make each month. Instead of saving 10, 20, or 30 percent of their monthly income like they should, they strategically make minimum payments. Still others spend further beyond their means and slip further into debt with each purchase.

Both of these habits are incredibly risky in an economy that sees a near 9 percent unemployment rate and slowed growth in most cities. In order to change old habits you must replace them with new habits.

Start by working out a budget. It can be very sobering to see the real numbers on your spending. Keep track of your spending for a month. See how much you are truly spending on dining out, entertainment, household spending, clothes, and all those little extras that add up. This goes double for cash purchases. Be sure to keep every single receipt.

Now that you have the facts, it’s time to come up with a new budget. Set aside money for all of the necessities first (rent, mortgage, car payment, food, medical, etc).

Cut out the unnecessary items. Do you have to have cable? Perhaps you can change over to a smaller package that costs less each month. Do you need to go out to dinner multiple times a week? Instead choose to cook at home as a family.

Now that you’ve cut out the unnecessary and refocused your spending (or not spending) towards buying a home, it’s time to funnel those extra funds into a savings account. Some people new to the savings game find it easiest to set up an automatic savings transfer each month that transfers a set amount. This keeps you obligated to your goal.

You’ll have some wants that will be part of this budget. Some people like to dine out, shop for clothes, see movies, or go to concerts. This is fine if you can afford it, but in a real down and dirty savings game you might want to consider alternatives.

Rent movies instead of taking the whole family out for new releases. Play staycations in your own city instead of paying traveling and hotel costs. Finally, pack that daily lunch instead of dining out.

When you go shopping, including the grocery store, always go armed with a list. This will help reduce impulse shopping. Only buy items that are truly needed, not that simply catch your eye. Give bigger purchases some time and thought. Do you need that new TV? Wait a week or two and do comparison shopping and decide on what you really can afford.

Ultimately, learning to save is about learning to follow your own instincts. Our gut tells us when we’re making an impulsive buy or spending more than we should. It tells us when we could easily bring lunch from home instead of going out to eat. It just takes listening.

by Carla Hill of RealtyTimes.com — Click Here to Read the Full Article

We’re excited to share with you the newest addition to our rambler floor plans, “The Wyndham”. We’ve give a great deal of thought coupled with love into the design & layout of this plan. This smaller floor plan packed with big features. Like any rambler it comes with vaulted ceilings on the main level creating a spacious living space, accompanied by a spacious kitchen with an island and comfortable dining room to gather round the table. The main level has a large master bedroom coupled with a jetted tub in the grand bathroom and walk-in closet. You also have two bedrooms with a joint bathroom. near the kitchen is a mud bench area before heading out to your two car garage. Make your way downstairs to a large family room and just around the corner is a media room to enjoy and entertain family and friends. The Wyndham has over 2,500 square feet, there is certainly room to love & live comfortably. This home includes all of our unparalleled Standard Features.

See more of our homes you’ll fall in love with: CLICK HERE

Here are the specifications for the Wyndham 2600:

Total Sq. Ft. 2,570

Finished Sq. Ft. 1,270

Unfinished Sq. Ft. 1,300

• 3 Bedrooms
• 2 Baths
• Custom Railings
• Walk In Closet
• Mud Bench Area
• Tile Flooring
• Cold Storage Room
• Grand Bath with Jetted Tub
• Main Floor Laundry
• Vaulted Ceilings
• Covered Porch
• Bay Window in Dining
• Optional 4 Car Garage

(Be sure to comment or click “like” below to let us know what you think of The Wyndham 2600 floor plan)

We’re excited to share with you the newest addition to our two story floor plans, “The Roman”. We’ve put alot of love into the design & layout of this plan. It has seamless functionality with open high ceilings on the main level creating a spacious living space, accompanied by a spacious kitchen with an island and large dining room to gather round the table. The main level has a spacious master bedroom with tray ceilings, jetted tub in the grand bathroom with a large walk-in closet that she’ll love. Head upstairs to 4 large rooms with 2 walk-in closets and an optional 5th bedroom in the spacious bonus room. The Roman has over 4,000 square feet, there is certainly a lot to LOVE. We’ll be building the first Roman in the kingdom of Weaver Park. This home includes all of our unparalleled Standard Features.

See more of our homes you’ll fall in love with: CLICK HERE

Here are the specifications for the Roman 4000:

Total Sq. Ft. 4,075

Finished Sq. Ft. 2,535

Unfinished Sq. Ft. 1,490

• 4-5 Bedrooms
• 2 1/2 Baths
• Master on Main Level
• Covered Porch
• Open High Ceilings
• Tile Flooring
• Spacious Kitchen w/ Island
• French Doors
• (3) Walk In Closets
• 4 Car Capacity Garage
• Large Bonus Room
• Grand Bath w/Jetted Tub
• Mud Bench Area
• Tray Ceiling in Master
• Custom Railings Throughout
• Media Center w/ Desk
• Bay Window in Master

(Be sure to comment or click “like” below to let us know what you think of The Roman 4000 floor plan)

We want to know from you what you “Love” about Castle Creek Homes, Be sure to “Like” this post & share with us your thoughts by commenting below:

Freddie Mac says all loan products covered in its regular weekly market survey eased to set new all-time lows for the week ending January 12, 2011.
The average rate for the 30-year fixed mortgage has been below 4.00 percent for six consecutive weeks now. This week, it dropped to 3.89 percent (0.7 point), down from 3.91 percent last week. Last year at this time, the 30-year rate averaged 4.71 percent.

The 15-year fixed-rate mortgage this week averaged 3.16 percent (0.8 point), falling from 3.23 percent last week. A year ago at this time, the 15-year fixed mortgage averaged 4.08 percent.
Adjustable-rate mortgages (ARMs) also declined to hit new record lows. The 5-year ARM is now averaging 2.82 percent (0.7 point), down from last week’s average of 2.86 percent. This time last year, the 5-year ARM was 3.72 percent.

The 1-year ARM averaged 2.76 percent (0.6 point) this week, compared to 2.80 percent last week. Dial back 12 months, and the 1-year ARM came in at 3.23 percent.

Freddie Mac’s chief economist Frank Nothaft notes that declines appeared across all loan products even with news of mixed indicators in the labor market.
“Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated. The 2009 to 2011 period had the highest three-year average unemployment rate since 1939 to 1941,” according to Nothaft.

He adds that “the Federal Reserve indicated in its January 11th regional economic review that most industries saw limited permanent hiring at the end of last year.”
Freddie Mac’s weekly mortgage rate survey is based on data gathered from 125 lenders – including thrifts, credit unions, commercial banks, and mortgage companies – from across the country.

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See full article featured in DSNews.com, “Mortgage Rates Break Record Lows”